M
matt33
Guest
Looking for a little advice here. I just purchased a brand new vehicle and put the vehicle in my name, not the company name I just started for which I will be the sole proprietor. The vehicle will be used 85 % for business but even then, that will only account for about 10,000 miles a year. I understand that I can use the standard milage rate at 32.5 cents per mile which would equate to $3,250 in this case and then 85% of that cost. Do I still get to depreciate the vehicle yearly using the standard milage rate? Also, I understand that I can file the actual cost instead? This includes insurance, gas receipts oil changes, tires etc.. Is it true that you can even write of a lease payment? If someone like myself is driving very few business miles, would it be better to file actual instead and prehaps think about leasing a vehicle? Thanks in advance to any one replies.