creativeje
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- Apr 26, 2011
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I searched the forum to the best of my ability and did not find a similar thread to answer this minor question. I'm hunting for a new vehicle and am considering just purchasing it with my Company credit/account instead of my personal account.
I know that for tax purposes company vehicles - such as a vinyl-wrapped deliver truck - are obvious company assets. But when it comes to your personal vehicle which you also use to attend meetings, deliver products (etc, etc) for business purposes, would it be wise to purchase it and place it in your corporation's name? How does this affect the the car insurance?
The less money that has to be paid out to me personally to cover my business expenses, the better. I want to keep this clean, legal and efficient. Why pay myself when I then turnaround and pay taxes, title, insurance, etc for a car that I use for business purposes as well?
Any tips, advice and ideas on vehicle ownership that will maximize tax savings and asset protection will be appreciated. Thank you in advance!
I know that for tax purposes company vehicles - such as a vinyl-wrapped deliver truck - are obvious company assets. But when it comes to your personal vehicle which you also use to attend meetings, deliver products (etc, etc) for business purposes, would it be wise to purchase it and place it in your corporation's name? How does this affect the the car insurance?
The less money that has to be paid out to me personally to cover my business expenses, the better. I want to keep this clean, legal and efficient. Why pay myself when I then turnaround and pay taxes, title, insurance, etc for a car that I use for business purposes as well?
Any tips, advice and ideas on vehicle ownership that will maximize tax savings and asset protection will be appreciated. Thank you in advance!
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