how should i buy my truck?

[onesickpuppy]

Hit up the CPA for their advice, some stickers or wrap for advertisements of business and at least claim a portion of viehicle, insurance ect. Don't claim losses for too many years though... LOL
Good luck on your endevor!

 

[linnwgetin]

Hit up the CPA for their advice, some stickers or wrap for advertisements of business and at least claim a portion of viehicle, insurance ect. Don't claim losses for too many years though... LOL
Good luck on your endevor!

Ive claimed losses for 5 years straight, this should be the last year I should have too thank god. But after speaking with a local tax attorney, I was told that if you can show improvement in your business, 5 years is nothing to carry over losses. Its also a little different when its your primary occupation. I have friends that have "HOBBY" businesses where the goal is to have a loss, so they can get taxes back from their 9-5's to fund what is essentially a hobby. According to the attorney you can have loss years in a hobby business if you are growing it and re-investing in the business and that is the reason for the loss. But he advised showing a profit occasionally for the illusion that you are in it to make money vs. just using your tax dollars to fund your hobby.

 

[The Car Stereo Company]

you sure as hell arent speaking in my english....... haha

 

[onesickpuppy]

deffinatly claim your internet providder, I believe we can atest to the use... LOL
Do have website yet? sign up as vendor on here...
I actually claimed losses for off-road racing for 4 years and somehow had a gain one year, go figure.....

 

[Fred]

Ive claimed losses for 5 years straight, this should be the last year I should have too thank god. But after speaking with a local tax attorney, I was told that if you can show improvement in your business, 5 years is nothing to carry over losses. Its also a little different when its your primary occupation. I have friends that have "HOBBY" businesses where the goal is to have a loss, so they can get taxes back from their 9-5's to fund what is essentially a hobby. According to the attorney you can have loss years in a hobby business if you are growing it and re-investing in the business and that is the reason for the loss. But he advised showing a profit occasionally for the illusion that you are in it to make money vs. just using your tax dollars to fund your hobby.

IMO - That person will get consumed by the taxing authorities...Just what they want to see is a Rich guy knocking down $1M in his primary business and taking losses on his "Boat Charter" business...A Hobby is a Hobby whether or not you do the 1 in 5 year profit or not... Your friend might be a ticking bomb...

Make sure you get that Attorney's opinion in writing and ask if his errors and omissions insurance is paid up!

 

[Dr_Pain]

you sure as hell arent speaking in my english....... haha

Hence the reason you speak to the "translator" aka. your CPA. I bought my truck personally (with company funds) and offset the "monthly note" through some crafty write-off process only my CPA understands. I do have advertising decals in the glove box and promotional t-shirts for good measure. I guess if I get audited I will have to stick them on and wear one of my t-shirt

 

[Sid77]

Best to be discussed with your accountant. But I bought and financed mine through my company, we are going to claim the deduction under Section 179 so I can take 100% of the depreciation up front in a single year. Huge tax breaks as long as you have the revenue to offset.
.

My understanding of section 179 is you can't fully write off any pickup with less than a 6' bed. The limit is 25k + normal 1st year depreciation.

 

[Fred]

Incorrect...talk to your CPA...


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[ManleyORV]

My understanding of section 179 is you can't fully write off any pickup with less than a 6' bed. The limit is 25k + normal 1st year depreciation.

I'm no CPA, I was just relaying my experience. From my understanding a truck over 6000 pounds is not limited to the $25k. The Raptor bed is less than 6', however I was told a workaround is permanent advertising, which I plan on getting mine wrapped with my company logo, etc.

I'm not advocating anyone proceed with tax evasion!!! And each situation is different, different CPA's are more aggressive than others, etc. Best thing to do is have a Tax Professional you trust and discuss these sort of purchases BEFOREHAND! Then take their advice.

-Josh

 

[Icecobra]

Been in business a long time so I have a CPA. You can deduct your truck as a business expense, you are the following. I only use my truck for business never personal. I use my truck for advertising everywhere I go. So everywhere I go I am advertising. No matter where you go your advertising so its a write off... Now also since your truck related you go on a Raptor run, this is a business expense. It is more advertising... You own a business, is it a corporation? Most likely not and your DBA (doing business as) then you can buy the truck personally and its still doing business as....