I'm starting a new business, but I'm not going to have any revenue until I complete a lengthy certification process. I'd like to know if anybody has immediately rolled a personal vehicle into a new company as a company vehicle? Are there benefits? Detractions? Does it matter that I have no revenue for the next 3 to 6 months?
2007-03-08 02:14:39 · 4 answers · asked by Ryan H 2 in Cars & Transportation ➔ Buying & Selling
Do you have a company name and is it legal, I mean registered and all. Then a car can be licensed to the company and you are the sole driver. Your income doesn't matter but you can also get a loan if you are a legal company then if it fails you lose the car but not your credit as long as the company is set up and you are the EMPLOYEE regardless if you have 1 or 100.
This is how I bought my 71 Pantera, It is a company car and I bought it from the company so now it is my personal car and the company financed it for me....Weren't they nice
2007-03-08 02:21:22 · answer #1 · answered by Uncle Red 6 · 0⤊ 0⤋
It doesn't matter. I am just starting my company as well. You can write off your vehicle expenses along with gas, food, and entertainment that is used while you are working. So, when you are doing your taxes you can claim the number of miles driven and you will be credited using the current per mile rate set forth by the IRS. So, do as I do. Save ALL receipts in case you get audited and claim claim claim!!!!
2007-03-08 02:19:14 · answer #2 · answered by WWW.MYHIBRID.COM 3 · 0⤊ 0⤋
You can do this. My husband and I started a new business last year. It was a long process. We had to wait on state licenses, etc. The truck helped us out on out taxes alot.
Good luck.
2007-03-08 02:18:55 · answer #3 · answered by I know, I know!!!! 6 · 0⤊ 1⤋
they does no longer provide help to such an rate i'm afraid, for an rate to be allowable for tax purposes it as to be thoroughly and completely for agency purpose. interior the case regulation you will stumble on a choose who offered a wig/hat that replaced into needed for overall performance of his responsibilities whether it replaced into disallowed as an allowable rate because of the fact it had a purpose to heat his head to boot as a necessity in overall performance of her responsibilities.
2016-11-23 15:12:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋