Comments on: Can I deduct a new car purchase for my business? http://chicagoautoshow.net/index.php/can-i-deduct-a-new-car-purchase-for-my-business/ Concept Cars - Auto Shows - Car Videos - Cool Rides Sun, 20 May 2012 20:59:45 +0000 http://wordpress.org/?v=2.6.5 By: Molly http://chicagoautoshow.net/index.php/can-i-deduct-a-new-car-purchase-for-my-business/#comment-24 Molly Fri, 28 Nov 2008 20:12:13 +0000 http://chicagoautoshow.net/index.php/can-i-deduct-a-new-car-purchase-for-my-business/#comment-24 Yes, you can. However, the IRS only allows you to take pieces over time. You'll need to look into the instructions for depreciation or form 4562. Most cars are subject to the luxury auto limits meaning there is a cap as to how much you can deduct as depreciation expense each year. For someone that has never dealt with this before, it can seem very complicated. Now might be a good time to hire a CPA to handle your return. Part of the cost (for the CPA) is also deductible as a business expense! Yes, you can. However, the IRS only allows you to take pieces over time. You’ll need to look into the instructions for depreciation or form 4562.

Most cars are subject to the luxury auto limits meaning there is a cap as to how much you can deduct as depreciation expense each year. For someone that has never dealt with this before, it can seem very complicated. Now might be a good time to hire a CPA to handle your return. Part of the cost (for the CPA) is also deductible as a business expense!

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