Is leasing a car the best option to deduct payment and expenses if it is my main way to do business?
408849
buy a good used $3k-$5k drive it for a year or two then sell it for what you payed for it then get another one, never get a new car, that's for suckers
245607
I think it's a good idea in general, but what are the rates you are paying now?  There are only a few downsides to consider, the first (which another person mentioned to me when I thought of taking a loan) is that yes you are paying yourself, but one day when you take out that money, you will also pay income tax, so in effect you aren't making 7.5% but probably like 5% (and you are paying for it).  2nd is that if you have a Home Equity loan, it is tax deductible this year.  And is the car at a really good rate?  If it's like 1.9% or one of those great rates, then it wouldn't be worth it to move.\n\nHowever, I would probably take the loan since it seems the easiest way to get out of that debt, but I might try some "trickery" first.  If you can get that home equity loan onto a 0% credit card for a year, and THEN take out of the loan, you could save yourself some bucks.  In that year, you might be able to put a nice dent into it, who knows.
892397
If you are receiving a flat dollar amount per month from your employer for the use of your personal automobile while on company business the likelihood is that you will not be getting reimbursed for gasoline purchases as well, although I have seen instances in my accounting practice where an employer will pay both. You will have to ask your employer to explain its policy in this regard if you are not sure.\n\nThe important thing to be aware of is that this money is subject to income tax in your hands as a taxable benefit. In this respect it is important to keep track of all your automobile operating costs as well as the mileage you are driving while on business. At tax time you add up all your auto operating costs, multiply it by the proportion of your business mileage over your total mileage for the year. The resulting figure is the costs you have incured while on business. This cost can be taken as a deduction in computing your income for tax purposes. In some cases these costs will exceed the amount received from your employer as a car allowance thereby offsetting the fact that you have to include the allownace in your income while at the same time giving you some tax saving on the difference. \n\nMany employers pay their employees a mileage allowance for the use of their personal automobiles while on business. Employees are required to report the distance travelled and the reason for the trip on an expense report. As long as the per kilometer rate paid by the employers is equal to or less than the prescibed amounts permitted by the Canada Revenue Agency, then this type of alowance does not have to be included in the employee's income for tax purposes.\n\nFor more detailed information go to the website below
392539
It really depends on what you plan on doing with the vehicle.  If you are the type of person who enjoys that safety and reliability, and usually want a new car every 3-4 years, then leasing is the way to go.  You get a lower payment, and when you have satisfied a lease term, you don't have to hassle with vehicle negotiations, just the price of the new vehicle you want.  \n\nIf you are a type who drives a car until it croaks, purchasing is MUCH better.  If you would want to keep the vehicle after the lease term, you would have to finance it, and after paying the lease for 3-5 years, you then finance for another 3-5 years, meaning you are paying twice as long for the same car.  Unless you get 0% financing, find the highest dollar amount per month you can afford for the vehicle based on what you can afford, and stick to that number.  If you can't reach your number without going over 5 years (60 months), then you really can't afford it.  Paying off a car that you drive 15k miles a year in 5 years, HIGHLY increases your resale value, and purchasing power when it comes to your next purchase, whenever that may be.
383294
best bet is talk to someone who has a tire business and get their advise on what options you have
177728
you can deduct your gas (from receipts), but you have to know your business mileage (or business related) for the first 8 months vs. the last 4 months and your overall mileage including personal use b/c there's a certain formula used. Usually, in most cases, the best way to go is to use the standard mileage rate. Also, there's no sense in deducting your mileage on a form 2106 (unreimbursed employee expenses) for your schedule a unless you have enough expenses to exceed your standard deduction. however, if your talking about self employment (your schedule c or c-ez) then there's no basic to deduct or try to override. Also remember, that it's not always best to deduct your mileage on a schedule c or c-ez, sometimes it can be more harmful than useful.
2762
Whatever you do, don't let it get reposessed. Try to sell it for whatever is left to be paid  on the car finance agreement or check with the dealer if you find someone to take over payments.
182778
In my experiance the dealerships have always had the best deals for financing. It all depends on your past credit, but more on how much you make and what other bills you have too. If your total of monthly bills goes over a certain percent then you have to many and the banks wont want to give you the loan. I wouldnt deal with online banks, just for the fact that you can never see the people or walk into the place. It will probably result in a lot of phone calls and you'll be lucky to get a real person on the line. When I went to buy my last car. I checked out a Chevy dealer on a car for 13 grand, and they wouldnt finance me. My local bank would give me 12 grand at the most. So I went to the Honda Dealer and they hooked me up with a $17,000 Accord. I didnt even need a down payment and the job I had at that time paid me like $700 a month. I got lucky I guess. My car payment is $320, I do have a much better paying job now of course. If I were you, I would try a local place in Texas or maybe a few different banks. Dealerships should be your best bet. Cars from Iowa are more likely to get rust, because we salt the roads heavily this time of year. I would love to get ahold of a car from Texas. Hope this helped.
269202
It depends on your needs.  If you lease and go over the allowed miles you have to pay .25 for each mile over, usually they allow 12,000 miles per year.  At the end of the lease you have no equity in the vehicle if you like it you will need to purchase it.  How ever if you do not drive alot and enjoy getting a new car every 3 years then leasing is for you.
1045628
Yes. There are tons of options. The best one in my opinion is 100% financing. Contact a local broker who can give you the best rates due to the availability of being qualified with several lenders. They are all competeing for your business.
127296
You should do a schedule C - Schedule of Profit/loss from a Business.This will allow you to deduct expenses that you may have had which were related to obtaining this income.
1095688
Sure, in a lease option it's called an option payment, in your case it's probably a non refundable contract fee or earnest money that would be credited to you when you complete the sale..\n\nSomething like that would be common.\n\nGood luck
680378
It's clear you don't want to do it the old fashioned way or you might never have ended up with bad credit to begin with. However let me take devil's advocate position just for an excercise in fairness. Pay off your debt as fast as you can & then speak with the Small Business Administration. You'll find a ton of help there. While you're paying off your debt?, try working in the field you want to start up to gain insider tips  on how best to run that business.Look for the link Starting Your Business
23576
You can deduct all reasonable business expenses you incurred. Read: http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
53658
Go to any 'city hall' that corrosponds with your area\nthrough the info desk you should have one w/a small\nfee by the end of next week. Remember to name it as\na "bussiness" for all inclusive tax purposes. Write \noff the car, gas, car ins.\nAnother way would be to submerge yourself into the\nsurroundings of your interest...as with any\n"independant" endevore...please be careful, there is\nplenty of money to go around in this world. Yet, \nthere is only one of you.
653527
Essentially, you're correct.   You'd roll the difference into your existing loan.  \n\nReally, it's a dumb way to buy a car, unless you've got yourself a lemon you want to get out from under.   You're paying on a car you own and one you don't own.
1175603
Anything related to the operation of your business can be deducted as a tax write off.\n\nFrom the book "422 Tax Deductions for Businesses and Self Employed Individuals" by Bernard Kamoroff, here are some things you can deduct:\n\naccountants\nadvances paid to contractors, vendors, professionals etc\nadvertising and promotional expenses\nadvertising\nallowance for bad debts\nalarm systems for your business\nanswering service fees\nassessments of local governments for repair of water lines, etc\nappraisal fees to determine amount of loss\nassets\nassociation dues\naudit \nautomobiles used for business\nattorney fees\nATM fees\nawards to employees\nbad checks\nbad debts\nbank charges\nbarter transactions\nbenefits of employees\nbillboard rentals\nbooks\n\nAnd a lot more. I suggest you get a copy of this book to learn what you can write off come tax time\n\nCheck with the IRS rules governing tax deductions, especially assets and depreciation