Quote:
Originally Posted by Phimosis
On the CTS-V, either get in a group that offers you a car as part of the employment package or do some consulting or per diem work that gets paid as 1099 income rather than as W-2 income. Then you can get the CTS-V on lease and write it off as well as a fraction of your mortgage or rent for your home office. Better yet, Find a CPA with a good reputation for being...well....creative.... then pay him for a one hour consultation to get advice on what to buy/lease to maximize your tax benefits, then start spending that cash!
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I'm not sure what you mean by writing off your CTS-V lease payments as a business expense. You can't write-off 100% of your lease payments and then use it 5 days out of the week for non-business related activities. You can deduct the miles when you drive from job site to job site (home office to client's office) and a portion of vehicle expenses (maintenance), but that's it. Only if the vehicle is a true work vehicle (shop show car, work truck, etc.), then you can put it on a depreciation schedule.
A good CPA isn't just someone who figures out how to fudge your Schedule C, but someone who will be able to defend you if you get audited. I've been consulting for the past three years and have gone through a lot of this myself. Find a good CPA and follow their advice.