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Cobra for business
I just recently purchased a new business. Is there anyway I could write off the purchase of a Cobra as a business expense.
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I have often wondered the same thing. If you used your Cobra in advertisements and at trade events could write off the expense even if you are not in the "Cobra Business".
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Sure, write it off. Just be prepared if you ever get audited!
Everyone lies like hell about their % of business use, why not the car! My wife's a CPA, darn it! Chet |
i'm sure you can do a certain percentage of the purchase. You drive your car to meet clients or your accountant. Take clients out for "lunch" in it. Be creative but remember someone could be watching so don't go overboard. Don't forget, that's what they got Al Capone for.:cool:
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I'm no Al Capone, More like Al Bundy (The shoe salesman)
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Ask you accountant about it and let us know what he says.
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Cobras can be difficult to insure, much more difficult if it's a personal car sometimes used for business.
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I would also like to hear what a tax accountant would have to say about this. Not interested in tax evasion but if one uses their Cobra in legitimate advertising, at trade shows to draw attention, and to drive clients around in could it be written off.
It may just be safer to "rent" the Cobra to the business for $750 a day for business use. |
If I'm correct I think this is what Bob Shaw has done with his Unique FIA. Bob owns & runs Operations Plus.
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We "leased" all equipment, pickups, tool vans, bobcat /trailer, backhoe/ trailer, tools/etc. , to my company. My ex-partner and I set this up with an accountant and a tax attorney. It worked for us, and then for me after I bought him out for another 12 years. Every thing legal and above board.
Had I owned a Cobra then might have had a problem justifying it as a "work" vechicle for a construction company.:) |
Why Not Sponsor Your Car?
Dick Smith's famous CSX3035 has its flanks adorned with his bail bond company's "sponsorship".
http://www.clubcobra.com/photopost/d...76)40K-med.jpg |
What Happened?
1 Attachment(s)
One mo' time....
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There is a very good piece in the latest SCM edition by a tax attorney regarding this subject. You may want to look at it. It was very well written.
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Cal,
This may sound dumb but, what is the SCM edition? Mike |
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