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Small Bussiness Advertising Question

Discussion in 'Uncategorized Threads' started by Bob Gambrell, Feb 12, 2008.

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  1. Bob Gambrell

    Bob Gambrell TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    This is a question for you small business owners out there that pertains to the IRS.

    If you have your business name on your vehicle, is all of you mileage tax deduct able?

    The IRS web site wasn't able to answer my question.

    Thanks for any feed-back.

    Buckeye Cmdr
     
  2. mixer

    mixer Well-Known Member

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    3,386
    Location:
    Coral Springs, Florida
    I believe only that part of the mileage that you can prove was business related is tax deductable. Having your company name on your car doesn't by itself classify it as a business only vehicle. If you had a seperate vehicle that was used for business only like a van or truck then it's not an issue.


    Eric
     
  3. Bob Gambrell

    Bob Gambrell TS Member

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    I would think, however, that basically your vehicle is a rolling billboard. There again, logic and IRS doesn't necessarily go hand in hand.

    Buckeye Cmdr
     
  4. gun1357

    gun1357 Active Member

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    You can't take both mileage and depreciation. Depreciation is already used as part of the mileage computation. Ron
     
  5. halfmile

    halfmile Well-Known Member

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    Green Bay Wisconsin
    You can take depreciation if you are deducting actual expenses rather than a the allowed milage deduction.

    This can pay off if you have extensive repairs like engine or transmission failure.

    Otherwise the milage figure is better.

    HM
     
  6. Bob Gambrell

    Bob Gambrell TS Member

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    Thanks.

    BC
     
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