First, I'm going to call my accountant next week to find out about this but I'm just wondering if anyone has any experience with something similar.
My idea is for the business to own the car and make the payments and just have me drive it. Does anyone have any idea how this works? I know if you personally own the car and use it for business that you can write off all the business related expenses.
My question is if the business owns the car is it just a matter of the business making the payments and paying taxes on business profits which are smaller because it is making the car payments (so tax savings) or do you end up paying them somewhere else?
My idea is for the business to own the car and make the payments and just have me drive it. Does anyone have any idea how this works? I know if you personally own the car and use it for business that you can write off all the business related expenses.
My question is if the business owns the car is it just a matter of the business making the payments and paying taxes on business profits which are smaller because it is making the car payments (so tax savings) or do you end up paying them somewhere else?
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