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All Forum Posts by: Dido Zdrav

Dido Zdrav has started 1 posts and replied 2 times.

Post: Company or personal vehicle for business use!?

Dido ZdravPosted
  • Mamaroneck, NY
  • Posts 2
  • Votes 0

Thank you Mike. Would I still qualify for IRS section 179 deduction if I purchase the vehicle under my name instead of business name? Also, how is depreciation factored in if I use the actual expenses method - what is a given year’s depreciation deduction based on? I will be buying the vehicle (financing).

Post: Company or personal vehicle for business use!?

Dido ZdravPosted
  • Mamaroneck, NY
  • Posts 2
  • Votes 0

I am planning on purchasing a vehicle for business use only - 100% business use no exception (in New York State). My question is whether there are any tax disadvantages of owning the vehicle under my name versus the company name. The savings I anticipate if I register under my name are the insurance costs. The company is a two member LLC taxed as a partnership. Any thoughts are appreciated.