U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics > Business
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-24-2019, 02:51 PM
 
Location: North Beach, MD on the Chesapeake
35,368 posts, read 45,397,918 times
Reputation: 45789

Advertisements

People are trying to give you work arounds. I'll probably be the target of your sharp tongue next but, in my experience, homeowner or condo associations that ban commercial vehicles usually mean those with company logos on them and not those with just commercial license plates.

Your biggest concern should be insurance. Most insurance policies for private vehicles have very specific language about how the vehicle is not covered if used as a business vehicle or for hire (as many Uber and Lyft drivers have discovered).
Reply With Quote Quick reply to this message

 
Old 06-24-2019, 11:27 PM
 
10,648 posts, read 14,180,204 times
Reputation: 16305
Quote:
Originally Posted by streamerz View Post
You are talking about things that do not matter. I can't have the vehicle in my company name, I have to own it personally, that is all there is to it.

My question is if there are other issues, I did not ask people to second guess the facts that I already know.

I find it odd that anytime someone asks a question here, most of the replies are filled with people trying to show everyone how smart they are, instead of actually just answering the question.

Apparently you know more than my accountant, so I will PM you his number so you can impress him with your knowledge. But I did not ask about that here, I am still asking about OTHER issues (such as liability, insurance, etc.)
I'm still waiting for that DM with your "accountant's" contact info as I have some clarification questions I would like to hear from their own "accounting" mouth instead of second hand. Primarily how they could say to you that they can use the exacts same deduction for a personally owned vehicle versus a company owned vehicle (you may want to double check your "accounts" credentials) when even the IRS publication point out the differences.

As for the OTHER issues (such as liability and insurance) ask your "accountant" as that's what you're paying the person to advise you on.
Reply With Quote Quick reply to this message
 
Old 06-26-2019, 10:16 AM
 
5,297 posts, read 2,998,566 times
Reputation: 5838
I am a small business owner (S Corp) and use my personal car in my business.

I've always taken the mileage deduction for the use of my personal vehicle on my personal taxes UNTIL last year. As the standard deduction was raised, I was better off taking that as it was higher than itemizing.

This year, I will be reimbursing myself through the company for mileage which will reduce the taxable income the company generates which would pass through to my personal return.
Reply With Quote Quick reply to this message
 
Old 06-27-2019, 08:40 AM
 
Location: Living on the Coast in Oxnard CA
16,255 posts, read 28,195,650 times
Reputation: 21629
Quote:
Originally Posted by Rabrrita View Post
Actually, it's a legitimate questions as your accountant kinda glossed it over and left out some information unless you just rephrased it wrong. How you take deductions differs based on being a company owned or personal owned vehicle, so, the deductions are not really the same.

As for the registration, depending on the state, you may be able to get standard vehicle plates on company owned vehicles. My employees don't have commercial plates on company vehicles even though they are owned and registered under the company's name.
Very true, I work for a healthcare organization. The healthcare organization is a two hospital 15 clinic system. Between the two hospitals we own maybe 20 vehicles in addition pay the leases on 6 executive's cars. My department has three trucks, two of them are pickups and they have standard licence plates and are not marked as company vehicles. Every state is different so your experience may very.
Reply With Quote Quick reply to this message
 
Old 06-27-2019, 09:03 AM
 
9,380 posts, read 8,170,242 times
Reputation: 7860
You can use the IRS mileage rate to calculate the deduction for the business travel that you've logged.

rates

The alternative is to record all travel expenses for the car, including lease payments, depreciation, insurance, fuel, tolls, parking fees, repair and maintenance, etc. and prorate them for the mileage used for servicing customers.

It's usually a bigger deduction to use the standard mileage rate when you're employing a used car.
Reply With Quote Quick reply to this message
 
Old 06-27-2019, 09:57 AM
 
7,906 posts, read 3,445,469 times
Reputation: 7106
Quote:
Originally Posted by lchoro View Post
You can use the IRS mileage rate to calculate the deduction for the business travel that you've logged.

rates

The alternative is to record all travel expenses for the car, including lease payments, depreciation, insurance, fuel, tolls, parking fees, repair and maintenance, etc. and prorate them for the mileage used for servicing customers.

It's usually a bigger deduction to use the standard mileage rate when you're employing a used car.
Depreciation deductions are not allowed for leased vehicles.

Also, with a lease, don't forget the "Leased auto income inclusion."
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Business
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top