Main Street Business #495 Why You Shouldn't Write Off That Car
Apr 25, 2024
12:44
In this episode of the Main Street Business Podcast, Mark J Kohler shifts the idea of buying a car strictly for the write-off into reverse and emphasizes the importance of having a vehicle that aligns with your business needs.
Here are some of the key points that Mark unpacks:
- A breakdown of the pros and cons of business owners buying a vehicle.
- An in-depth discussion on when it is suitable to buy a vehicle for business purposes to leverage tax benefits.
- The significance of ensuring the business can support the deduction for the vehicle.
- Example scenarios illustrating the risks of buying a vehicle based solely on the intention of writing it off.
- The need for proper legal structuring and insurance when owning a business vehicle.
- How the mileage method can be a suitable option for small business owners.
- Thoughts on integrating family members' vehicles into business write-offs for tax benefits.
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