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shadow_chance t1_jaaiwgl wrote

Reply to comment by chris886 in Taxes for a small business that I don’t plan on drawing income from? by chris886

To be clear, your primary vehicle doesn't magically become a business vehicle that suddenly is saving you 100% on your taxes. You can deduct the use of your vehicle that is used on the business.

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chris886 OP t1_jaaktxg wrote

Lol, yes I did figure it was for just the business use. That’d be nice though right!

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Thisismypasswprd t1_jaal8ah wrote

The business can also buy it. There are different ways to go about this... I just wanted to paint a picture. Any more info and I'd have to start charging consultant fees

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shadow_chance t1_jaallmr wrote

And it's still limited to business use the % you can deduct.

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Thisismypasswprd t1_jaamgv4 wrote

I keep my work vehicle separate but yes it's all relative. The business would want to buy it to write off the depreciating asset that an individual cannot do

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