| Author |
Message |
magoo (Magoo)
| | Posted on Monday, November 05, 2001 - 11:12 pm: | |
Good Luck Michael, In whatever you choose, BRGDS, Magoo |
michael marchese (Bigdog)
| | Posted on Monday, November 05, 2001 - 10:37 am: | |
Magoo, perhaps You're right, but I believe (maybe too idealistically) that this is somthing that the tax code offers businesses, and somthing I could benefit from. No I don't NEED the deduction but it would help offset some income. I'm especially encouraged on President Bush's economic package (that has yet to be approved) which allows for immediate capital expense deductions rather that long term depreciation.
So Magoo I'm really up in the air I may depreciate or I may deduct or I may do nothing I'm in the tax planning mode all year compiling my expenses I guess I'll wait until I actually meet with my tax person and see.
Ps: very interesting topic stemming from F-cars |
magoo (Magoo)
| | Posted on Sunday, November 04, 2001 - 11:38 pm: | |
What do you think Michael? Is it worth the risk? Just wondering how you see it. Magoo |
magoo (Magoo)
| | Posted on Saturday, November 03, 2001 - 11:32 pm: | |
You know Michael, What you say is probably true it is a legitmate writeoff or deduction. However what bothers me is in that you may be right but it has to get kicked back for review by the IRS and throw up a red flag. I would use another vehicle in it's place for the deduction but that's just me. It's like the guy who has too many goodwill or gift deductions. It probably will get kicked out for review. You really don't need that do you? I could be wrong but why bait the IRS? |
michael marchese (Bigdog)
| | Posted on Friday, November 02, 2001 - 10:51 am: | |
Maybe I need to clarify, this is a second car, used as advertising for the business (business cards, stationary, meeting clients, etc..) but not used in the field unless of course the situation MAY dictate. Additionally this PI work is a business I operate as secondary employment to my regular law enforcement duties. Using the car and expecting a tax deduction for Going to the store, shopping etc.. no way. But PLEASE correct me if I'm wrong, if the car is used for the previously mentioned purposes one is capable of taking the deduction.
I'm open for futher discussion...Magoo? |
1989 328 GTS (Vilamoura2002)
| | Posted on Friday, November 02, 2001 - 12:11 am: | |
Down here I do not even drive my nice cars near my job.
Finance department makes you an immediate search on your business if they see you driving a special car.
Jealousity?Perhaps yes.
One of the problems of living in a small town.
Everybody knows you specially if you drive a Ferrari, Rolls or Bentley |
magoo (Magoo)
| | Posted on Thursday, November 01, 2001 - 10:57 pm: | |
A Red Ferrari that is used as a surveillance vehicle. Would that fly with the I.R.S.? I must go somewhere and figure this out. |
Frederick Thomas (Fred)
| | Posted on Thursday, November 01, 2001 - 8:33 pm: | |
That doesn't seem like a very sneaky car to drive around in. |
Becker Cu�llar (Becker)
| | Posted on Thursday, November 01, 2001 - 11:33 am: | |
You cannot deduct for non-business related miles (like shopping/etc) if you don't have a 2nd car and claim 100% it raises a flag to the beloved tax-agency and risk an audit. Otherwise your personal car can cover it and you can write off 100% expenses based on your 'business' miles.
Ciao |
michael marchese (Bigdog)
| | Posted on Thursday, November 01, 2001 - 11:09 am: | |
I previously read a thread containg information about a restaurant owner using his Ferrari as a business (or something like that) deduction.
I have a 1980 308 gtsi that I purchased this year and use the car for my private investigations business. The car is used for the business and related advertising. What better advertising as a PI than a red 308 Ferrari? and no I don't place signs on the car! I plan on deducting this car and the repairs as a business expense.
I am interested if anyone else has done the same or has suggestions/hints or further details on this subject. |