please advise on car title/payment option

[Guest guest]

Hi,My 12 year-old car has been showing signs of near retirement. I am looking for a new one. Could anyone please advise me on the best way to manage title, car payment and auto insurance payment? Would both buying and leasing cost be deductible?I think maybe had mentioned before that auto insurance would be much more expensive if it is under business car insurance.Thank you very much for your help in advance.Helenhelenwyang@... The New Busy is not the old busy. Search, chat and e-mail from your inbox. Get started.

[Guest guest]

Helen,

We found our insurance with residential insrance able to be paid by business as business expense. Buying a business car goes to your assests so not deductible. A loan, added to liabilities, on the car at 0% over the longest period of time would be helpful to offset the asset.

Leasing a car is an expense so direct write off. Miles used for personal use of auto need to be tracked and allocated to income at 50 cents per mile in both cases.

Please clarify with your accountant.

To: practiceimprovement1 Sent: Sat, May 22, 2010 11:29:32 AMSubject: please advise on car title/payment option

Hi,My 12 year-old car has been showing signs of near retirement. I am looking for a new one. Could anyone please advise me on the best way to manage title, car payment and auto insurance payment? Would both buying and leasing cost be deductible?I think maybe had mentioned before that auto insurance would be much more expensive if it is under business car insurance.Thank you very much for your help in advance.Helenhelenwyanghotmail (DOT) com

The New Busy is not the old busy. Search, chat and e-mail from your inbox. Get started.