im about to buy a used truck for my business-how do i write the truck off?? as it will cost me $300 a month?

Question

it is a used truck and not brand new. do i have to buy it under my personal name or my business name.

Answer 1

You didn't say $300 a month for how many months, but I suggest that for tax reasons, you put it under your business name and make it your business asset. Assume you have to pay $300 a mth for 24 mths, capitalise it at $7,200 and depreciate it over the no. of months you think it will last you. (at least 24 mths)