2006-09-13 05:07:48 · 2 answers · asked by nascar_cr8zy 4 in Local Businesses ➔ United States ➔ Cincinnati
Is it use for business purposes? If it is a personal vehicle, document the business miles driven, and whatever the business mileage percentage of total miles should be used to calculate total business use cost of the vehicle. Or use standard business deduction allowed by IRS. The cost of the company logo would be an advertising expense, which is not included in vehicle expense, and is fully deductible on Schedule C, Form 1040.
2006-09-13 05:24:17 · answer #1 · answered by debop44 3 · 0⤊ 0⤋
Company owned or leased vehicles are a legitimate business expense when used for a legitimate business purpose. That is true either with logos or without. The legitimate business use does not include commuting. In most cases, vehicles are either fully deductible as an expense or depreciable as same.
2006-09-13 05:21:29 · answer #2 · answered by united9198 7 · 0⤊ 0⤋