ISF as a business expense
08-04-10, 06:26 PM
#1
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Thread Starter
ISF as a business expense
I know that a few members on the forum have ISF and use them as a business expense. My questions are the following;
1) do you list the ISF as an asset on the business?
2) does the business then have to carry the insurance for the car?
3) how do you take the car as an expense on your business?
4) Are you able to write off the interest and
depreciation as well?
4) anything else I maybe missing?
I am going to be starting a new business in clinical dietary aides and supplements and will need business write off's in the future.
Thank you all for your help in advance.
Sincerely,
I need ISF
1) do you list the ISF as an asset on the business?
2) does the business then have to carry the insurance for the car?
3) how do you take the car as an expense on your business?
4) Are you able to write off the interest and
depreciation as well?
4) anything else I maybe missing?
I am going to be starting a new business in clinical dietary aides and supplements and will need business write off's in the future.
Thank you all for your help in advance.
Sincerely,
I need ISF
08-04-10, 06:54 PM
#2
Moderator
1) Yes, you'll list the ISF as an asset for the business which will be entered on the balance sheet as Property, Plant & Equipment.
2) It is required to have auto insurance to drive the car so yes the business needs to pay insurance for the car. It is an ordinary and necessary expense on the income statement.
3) If you purchased/financed the car then you'll depreciate it typically over 5 years. If you leased it then you can deduct the lease payments as an expense since you don't own it.
4) Yes, you can write off the depreciation and the interest expense on the income statement if you financed the ISF.
5) That should be about it unless you have any more questions.
2) It is required to have auto insurance to drive the car so yes the business needs to pay insurance for the car. It is an ordinary and necessary expense on the income statement.
3) If you purchased/financed the car then you'll depreciate it typically over 5 years. If you leased it then you can deduct the lease payments as an expense since you don't own it.
4) Yes, you can write off the depreciation and the interest expense on the income statement if you financed the ISF.
5) That should be about it unless you have any more questions.
08-04-10, 09:40 PM
#4
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Thread Starter
1) Yes, you'll list the ISF as an asset for the business which will be entered on the balance sheet as Property, Plant & Equipment.
2) It is required to have auto insurance to drive the car so yes the business needs to pay insurance for the car. It is an ordinary and necessary expense on the income statement.
3) If you purchased/financed the car then you'll depreciate it typically over 5 years. If you leased it then you can deduct the lease payments as an expense since you don't own it.
4) Yes, you can write off the depreciation and the interest expense on the income statement if you financed the ISF.
5) That should be about it unless you have any more questions.
2) It is required to have auto insurance to drive the car so yes the business needs to pay insurance for the car. It is an ordinary and necessary expense on the income statement.
3) If you purchased/financed the car then you'll depreciate it typically over 5 years. If you leased it then you can deduct the lease payments as an expense since you don't own it.
4) Yes, you can write off the depreciation and the interest expense on the income statement if you financed the ISF.
5) That should be about it unless you have any more questions.
)Thanks again
08-05-10, 09:32 AM
#5
Moderator
Good luck and make tons of money. It is very hard work to go on your own but at least you're not working for the man but working for yourself.
08-05-10, 01:26 PM
#6
Tech Info Resource
iTrader: (2)
08-05-10, 09:14 PM
#7
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Thread Starter
Thanks for the support. I know an aquantance that had started his own company doing something similar, so I know the business model is feasible. Hopefully I can finally officially join the club in the near future. Thanks again for all the help and support.
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08-11-10, 11:13 PM
#8
Driver School Candidate
Join Date: Oct 2008
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There are several variables to consider: how you are incorporated (S-Corp, C-Corp, LLC, etc.), what state you live in, what state you incorporate in, etc. If you have a financial planner and accountant to consult, often times they can help you. In my case, the car and insurance is in my name, but all payments are made through my company, as well as car related expenses.
08-12-10, 07:54 AM
#9
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I have structured the company as an LLC with in MN. My brother in-law is a CPA and does our personal taxes. I am sure that I will consult him when the time comes.
08-12-10, 12:35 PM
#10
Lexus Test Driver
I know that a few members on the forum have ISF and use them as a business expense. My questions are the following;
1) do you list the ISF as an asset on the business?
2) does the business then have to carry the insurance for the car?
3) how do you take the car as an expense on your business?
4) Are you able to write off the interest and
depreciation as well?
4) anything else I maybe missing?
I am going to be starting a new business in clinical dietary aides and supplements and will need business write off's in the future.
Thank you all for your help in advance.
Sincerely,
I need ISF
1) do you list the ISF as an asset on the business?
2) does the business then have to carry the insurance for the car?
3) how do you take the car as an expense on your business?
4) Are you able to write off the interest and
depreciation as well?
4) anything else I maybe missing?
I am going to be starting a new business in clinical dietary aides and supplements and will need business write off's in the future.
Thank you all for your help in advance.
Sincerely,
I need ISF
08-15-10, 06:45 PM
#11
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