Buying a car under business name

[RedlinePSI]

Is there any benefit to getting a car under a business name, rather than through the person themselves? Other than the hypothetical that the individual has bad credit.

[The Wind Breezes]

Well duh, you can classify it as a business expense, so you don't pay taxes on the money before putting it into a car. You may want to ask a lawyer though just so you don't get audited and end up having to pay it all back + a penalty.

[RedlinePSI]

Originally Posted by The Wind Breezes

Well duh, you can classify it as a business expense, so you don't pay taxes on the money before putting it into a car. You may want to ask a lawyer though just so you don't get audited and end up having to pay it all back + a penalty.

Yea this aint exactly a mini van. haha Is that done often for "clearly not work related" cars?

[The Wind Breezes]

Originally Posted by RedlinePSI

Yea this aint exactly a mini van. haha Is that done often for "clearly not work related" cars?

Yes, definitely, but if you're audited it's up to you to make the case for the car being a legitimate business purchase.

[Bomiz]

Every car my family leases we write off.

[1and1]

Originally Posted by RedlinePSI

Is there any benefit to getting a car under a business name, rather than through the person themselves? Other than the hypothetical that the individual has bad credit.

As a very very general rule, this falls into the fun "If you have to ask you don't need to know" category.

Yes, you can write it off, and potentially save some $. However, if you don't currently deduct expenses, or you don't have leeway in your corporate tax process to absorb such an expense, then you should either not do it, or at least discuss it with an accountant first.

I'm specifically not saying "your accountant" as a direct result of you asking the question in the first place.

If you're just entering this level of financial ability, then be sure to ask about putting real estate under a corporate name as well.... things can get really fun....

Regardless, get with a good, crafty, well respected accountant!