jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 6148Joined: 01/09/2016
I knew a guy who had a side business to, as best I could tell, mine it for tax savings. He explained to me that he wrote his own car off at 100% use. So, naturally I inquired how that might be? The gist of the scam, I think, was that he and his wife had another car for personal use, so he claimed this was solely for business use. Thing was, he worked with me and I knew he commuted in that car. Not saying it was directly related but eventually we let that guy go for, shall we say, questionable ethics.Click to expand…
Um, yup – back to ordinary and necessary – and reality. You’re one of the good guys (sad to say – we aren’t all). CPAs should not self-select ignorance.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
https://fox-cpas.com/for-doctors-only/December 4, 2018 at 6:52 pm MST #171726TimParticipantStatus: AccountantPosts: 600Joined: 09/18/2018
Lease purchase is a financial decision.
Ownership and tax reporting is different calculation.
54.5 cents per mile for business miles driven (up from 53.5 cents in 2017.
Please note the rate is the same for your new 2019 Porsche 911 as the 2003 Honda Civic (duct tape for the passenger door). The business use documentation can be an expense report. Most likely you can buy the expense report and duct tape as office supplies too.December 4, 2018 at 8:11 pm MST #171734ZzyzxParticipantStatus: PhysicianPosts: 62Joined: 09/24/2018
there are reasonable leases on slightly used cars with low miles that still are under warranty (example) which is not a bad choice for a fun, luxury, unreliable car that you don’t want to keep. 1099 work also helps. But with fun new electrics coming out the tax incentives make these more appealing
It’s psychosomatic. You need a lobotomy. I’ll get a saw.December 5, 2018 at 10:53 am MST #171822