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Forum
-> Household Management
-> Finances
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amother
OP
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 Sun, Jul 14 2024, 9:06 am
Have a small retail business.
Just bought a new car for our family. Is there a way I can transfer it to the business and save money?
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happy12
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Sun, Jul 14 2024, 10:54 am
No.
A business car needs to be used for business and has different insurance rate.
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amother
Candycane
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Sun, Jul 14 2024, 11:06 am
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No but you can deduct mileage and gas that u use when using it for business.
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amother
Kiwi
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Sun, Jul 14 2024, 11:11 am
| amother OP wrote: | Have a small retail business.
Just bought a new car for our family. Is there a way I can transfer it to the business and save money? |
If you use the car for business you can pay from business account. Will basically be an expense.
If it’s used half business and half family you can alternate the payments by month or divide each payment in half. Ditto for the gas and other expenses.
Just make sure to keep receipts of everything and you need to be able to justify what you used it for.
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amother
Mintcream
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Sun, Jul 14 2024, 11:35 am
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When filing taxes you will deduct the payments, gas, tolls and repairs that were used for business purposes based on time used/mileage
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