Vehicle Insurance/ Taxes

[RiverCityAutoSpa]

I have a single member LLC. I finance my personal vehicle and use an app to claim business miles. My business does not have the cash to buy my truck and i do not own my truck.
Is claiming the business miles the best i can do? There's really no way to make it THE business car instead of my personal vehicle? or does that not matter because i claim my miles anyway?

 

[ClearVue18]

I'm not sure about your claiming mileage if you don't own the vehicle. Business expense more likely maybe. That would be double dipping. If you claim mileage and the vehicle owner also claiming mileage on the same vehicle.

Sent from my SM-N960U using Autogeekonline mobile app

 

[Thomkirby]

Normally, auto use is based upon convenience to the taxpayer. As ClearVue18 stated you can either do mileage or the cost of the vehicle, not both. If you use TurboTax for your personal taxes, search for more information on that topic. They claim to have CPA on call in some of their ads. If you use a local CPA, check with them as these rules change often.

 

[RiverCityAutoSpa]

I am the vehicle owner. Basically I want my Silverado to be my work truck for my business and my raptor to be my personal vehicle. I claim nothing on the raptor and claim all business use on my Silverado. Will this work without the Silverado in the business name

 

[Stevedotmil]

Yes that will work. You can also claim a portion of the interest you paid on the Silverado last year if you were in business last year as well. You have to call the loan peeps and ask them for the total amount of interest you paid last year. I just did it for last year and I was able to do that. Be careful with registering the Silverado under your business name or making it an asset of the business. Here in my state and county I would pay business property tax on it. Personal vehicles used for business don't fall under that, business vehicles used for personal use do. Best advice is to ask a reputable CPA all these questions.