STLRFN

I was at the dealer yesterday and checked out an absolutely beautiful blue c4s. I am a Landscaper,and write off my trucks. Can I legitimately write any of this car off on a lease or buy?

Stirs

If you can justify business use . . .YES. You would need to document your mileage to and from your customers (sales calls, checking up on your employees, etc.) Be reasonable with your business % use as IRS knows most of the use will be personal. The car is subject to the luxury auto limits which limits your annual deduction. Check with your accountant or tax advisor for precise details on annual write-off amounts . . .

Riad

I'm a consultant and drive all over to my clients, I also entertain clients so I use my car almost exclusively for work. I write off 90% of the car payments, insurance, gas, and maintenance.

If you are a landscaper it's going to be harder to get that kind of write-off percentage, however, you can certainly say that you drive to clients and check out your employees.

Either way, even if your accountant says you can only write-off 25% usage of the car you should definately do it.

DonW-Cape Cod

I don't believe that you can write off your travel to and from your workplace. I know I used to make a point of dropping off some material or stopping at a customer to and from work to take advantage of business mileage. Maybe that is all changed now.

Gery NJ

My accountant was tottaly against using P-car for business, but check with yours.

Palting

You still can't deduct mileage to and from home. You can deduct from work to work.

Here's one way to get 100% deduction on a car. If you own your own company and give yourself a salary as an employee of your own company, you can put in a car allowance. The car is a "perk" from the company to a valued employee, namely you. The company owns/leases the car, the whole payment maintenance and gas also comes from the company. The car is still a cost to you as the company/corporation, but it is all pre-tax cost.

Riad

I own my own business and I've been doing this for a few years now. You might have a hard time having a bank give you a loan against your business for the car (unless you pay for the car outright through your business) unless you've been doing business for more than 3 years and can show income but it's the only way to have the biz pay 100%

You can either write off the gas/tolls and .32(?) a mile (this is from the goverment) or the car payment as a percentage of the use of the car for business. With a P-Car the payments are going to be higher than .32 mile so most likely you go that route but you never get 100% of the car paid through the business.

If you own a florist its hard to say you need the car for travel and entertainment expenses. However, in my case as a computer consultant I travel hundreds of miles a day and take clients to lunch etc. My car is a reflection on my business therefore I get a higher allowance as a percentage to write off.

TurboMark

More 'free' tax advice. if you own a small business, make your corporate address your 'home' address and write the miles off to and from the 'other' office. Lots of people do it.

pieball

Tell the audititor that you pull out tree stumps too!

Riad

Don't forget to install a plow on the front, and take video footage of you using the Porsche to pull out trees... will certainly help your tax situation.

pieball

dpblessing, ya think?

yeldogt

Was the car a lapis blue c4s -- If we are talking about a car with low miles -- just came in last week-- was a porsche executive demo -- make sure you drive another one before you buy -- I found the car to be harsh -- I asked if it had the correct tire pressure -- or change in shocks/ tires etc -- all was said to be original.

Other than a few very small hits to the front bumber the car was very nice! I love the lapis blue!

Torags

Have you established sec 179 depreciation expenses on your current vehicles?

If you have a pattern of "179" depreciation a more expensive vehicle would not necessarily trigger an audit. Without an established pattern and a large initial year depreciation may trigger one.

The accelerated depreciation of biz equip of up to 100K (sched 179) was part of Geo Ws effort to stimulate the economy. Do your part, be patriotic buy a Pepper. I love mine...

drafting

I don't know how the banks will handle it, but I know that Porsche Financial will sell you a loan w/ the car in your company's name. My P-car is titled to my company, and I went w/ the Porsche Options program. As said above, there will be limitations on your deduction based upon the very high value of the vehicle (you don't really want to have a big red flag protruding from your back side, do you?), but your need for business use, visiting/entertaining clients is valid no matter what your type of business. fwiw......

Jeff

Torags

Hey, let me back up. Sched 179 is for vehicles with GVW of 6000lbs or more.

Sorry, I thought you were buying a Pepper.