What can you tell me about LLC owned vehicle tax deductions?

Answer by  katdocnorf (21)

LLC's may take deductions on a vehicle one of two ways; either mileage deduction or actual expense deduction. With mileage deduction you can deduct 58. 5 cents per mile used for business and with actual expense the actual expenses plus depreciation are deducted.

Answer by  moneyguy (81)

Any business can deduct taxes of a vehicle used on the portion related to such use. The vehicle does not need to be titled to the corporation, but the use has to be completely related to the business use.

Answer by  Chaneygirl (1755)

It depends on the LLC's treatment. You should deduct actual business expenses. Personal use should be an add back one way or another.

Answer by  Advisor (1032)

Regardless of the type of corporation, vehicle tax deductions are the same: you can calculate sales tax, mileage, repairs and depreciation from year to year. Keep track of business use milage if this car is also used for personal use. Keep repair receipts for scheduled maintenance as well.

Answer by  cocarabbit (107)

Dont expect personal usage to allow deductions, and dont expect to be able to write everything off. If your company owns the cars, they like a building are fair game.