Anyone know new tax restrictions?

azenthusiast · 08-15-07, 08:51

I've been surfing the internet looking for resources, but I have not been able to find a reliable or easy to use resource. I was wondering what is required now to write off a vehicle as a business expense. As I've been discusssing elsewhere on the forum, I have been throwing around the notion of pursuing detailing further. However, I believe that in order to reach the clientele that I am looking for, I would need to supply my own water. This creates an issue with my Jeep Liberty, as it would not do well with that task lol.

BlueZero · 08-15-07, 09:19

First off I would recommend getting a good accountant. They will pay for themselves in the long run.

azenthusiast · 08-15-07, 10:18

Quote:

Originally Posted by BlueZero

First off I would recommend getting a good accountant. They will pay for themselves in the long run.

LOL, That's actually what I'm in school for. Anyways, that was kind of an 11:30 at night, spur of the moment thought. I began thinking about the logistics and hidden charges behind running such a business and I don't think it is at all possible for a college student.

BlueZero · 08-15-07, 10:34

Quote:

Originally Posted by azenthusiast

LOL, That's actually what I'm in school for. Anyways, that was kind of an 11:30 at night, spur of the moment thought. I began thinking about the logistics and hidden charges behind running such a business and I don't think it is at all possible for a college student.

Cool. I've learned my lesson trying to do things myself and hiring cheap accountants. With my last business venture I just wrote off the mileage. I downloaded a bunch of PDF's from the IRS website and tried to sit down and read them all... ya, not much fun.

Good luck with school and your business if you decide to do it. I've had a few different ones and it's always been fun and a learning experience.

PhaRO · 08-15-07, 10:14

When you are filling out the tax form there is a form for vehicle expense. You can either take actual costs and depreciation or mileage rate. I've always used the mileage deduction as I use very cheap vehicles and it works out better for me. I believe whichever way you decide you have to stick with that method for the life of the vehicle.

azenthusiast · 08-15-07, 10:54

Hey guys, thanks for the input. I was throwing around the idea last night, but now after looking at my schedule for the first semester (17 credit hours), I realized that there was no way it was going to happen. Plus, although I don't want to be broke either, I don't want to waste away my time at ASU.