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I just bought a new automobile for my business? Can this expense be used on my tax return?

I just bought a new automobile for my business? Can this expense be used on my tax return?
 
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Category : > Business Tax
Posted On : Fri Nov 26th,2010

 
I just bought a new automobile for my business? Can this expense be used on my tax return?
 

I just bought a new automobile for my business? Can this expense be used on my tax return?

Answer: New vehicle costs relate to future years making them a capital expenditure. Capital expenditures can not be expensed immediately, but rather must be depreciated over future years. Exceptions to this rule are not as generous for automobiles as they are for other assets but in some instances new vehicle costs can be expensed right away.

Example: A taxpayer spends $30,000 on a new automobile for his business. The taxpayer depreciates the automobile over the next five years.

  


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