Experienced pros and cons opinions sought
Anyone as a S chapter corp have knowledge of the benefits to owning or leasing a company vehicle versus using a personal vehicle and a deduction comparison.
I already asked the CPA and she said it's almost a wash in my case.
From what I've read it seems to me that I could buy a company vehicle and let Uncle Sam help me pay for it more so than just a standard business mileage or actual business % use cost deduction.
I understand that if I accelerate depreciation and close the business or move the asset to personal use I would have to recapture any depreciation.
I already asked the CPA and she said it's almost a wash in my case.
From what I've read it seems to me that I could buy a company vehicle and let Uncle Sam help me pay for it more so than just a standard business mileage or actual business % use cost deduction.
I understand that if I accelerate depreciation and close the business or move the asset to personal use I would have to recapture any depreciation.
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