I am a loan officer and also just got my lic AZ Properties in November. I'll have about 7000 on my income taxes due as a loan officer. I wanted to buy a bigger vehicle and am now a realtor. How I can buy a car this year and use it as a tax deduction for a commercial vehicle. Just mileage I can write? Or I can remove much of the vehicle, for a period of time? I have two friends, one who builds houses, and bought a new truck in the 2 years to pay the taxes. The other has a business and does the same. ? I can buy a used car? Or do you have to be to cancel a new vehicle? I can write? Vehicle purchase? Or just the miles in my case. Essentially – There are 3 different ways to structure: 1. Rent the car. Monthly payments are tax deductible.
2. Tracking your mileage and expenses for operating your vehicle. Calculate the amount of your tax deductible based on a percentage of the total mileage for the physical year 3. Buy the car (new / used). Only able to compensate a certain percentage of the purchase cost for several years. The percenatge and the rate varies by country and state. Consult your tax advisor / accountant. Generally this is less tax efficient than leasing. In the long run, having a car outright for 10 years is economically the best you can do. Leasing is the best from a tax standpoint if you must have a new car every two or three years. Option 2 is the best if you own a private vehicle for business use. Judging by the amount that is taxable income, may not be worth your while to buy TaxWise a car yet. Before you do anything talk to your tax advisor before making decisions as to how to proceed in the best considering its merits, as everyone is different and you have to look at this in terms of the big picture.
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