Did you Lease or Buy ?
#151
Lexus Fanatic
You can write a vehicle off if you drive a vehicle for any business purpose other than commuting to an office.
#152
Lexus Champion
you are right, a percentage of how much you use for business and personal.
A personal vehicle can also be deducted for business purposes with 54 cents per mile, with documentation of course
#153
#154
Lexus Fanatic
Originally Posted by ragingf80
My impression is that the commute is only from home to office and office to home. Office to office is considered business... business.
#155
Hmm... I have a home office. I take the % sqft of that office compared to the house and pay myself a % of the mortgage as rent. The same % of home expenses, utilities, and maintenance is deductible as well. I wonder if that is a legitimate loophole for commuting?! Are you actually doing this? I gotta call my accountant.
#156
Lexus Champion
Hmm... I have a home office. I take the % sqft of that office compared to the house and pay myself a % of the mortgage as rent. The same % of home expenses, utilities, and maintenance is deductible as well. I wonder if that is a legitimate loophole for commuting?! Are you actually doing this? I gotta call my accountant.
#157
Lexus Fanatic
Originally Posted by ragingf80
Hmm... I have a home office. I take the % sqft of that office compared to the house and pay myself a % of the mortgage as rent. The same % of home expenses, utilities, and maintenance is deductible as well. I wonder if that is a legitimate loophole for commuting?! Are you actually doing this? I gotta call my accountant.
#158
Yes. I'm an independent contractor of another company and I also own a company. My company that I contract for provides me with an office, but my business entity is based out of and addressed as my home, so I write off a home office, and when I drive to that office my company provides I'm driving in between offices.
Same here. Independent contractor with a loan out for other companies.
#159
Lexus Fanatic
Originally Posted by ragingf80
Same here. Independent contractor with a loan out for other companies.
#162
#163
Lexus Fanatic
Originally Posted by dseag2
So I can write off my vehicle for trips from my home office the the airport for business trips?
#164
Lexus Fanatic
Whether you take an itemized or standard deduction has nothing to do with your schedule c business deductions.
#165
Lexus Fanatic
After more than 30 years (1986) since the last major tax-reform-bill, though, both Congress and the Trump Administration are working on a new bill as we speak. It is unclear how the status of car-lease deductions is going to end up in the new bill, but some sources say that many of the traditional deductions are going to be eliminated in lieu of a higher standard deduction and a lowering of the general tax rates across the board.