Deducting Your Next Vehicle Purchase

I have two related quesitons about the section 179 code on deducting a vehicle purchase for my business. First, do I have to be incorporated? And second, does the vehicle have to be registered in the namy of a company, or can it be registered in my name (as a sole proprietor)?

Thanks very much,

Wendy Dunn

Hi Wendy:

You do not have to be incorporated to take the Section 179 deduction. So, if your business is a sole proprietorship, the vehicle would be registered in your name. If you are incorporated, then the vehicle should be registered in the name of the corporation.

Thanks for writing!

Sincerely,
Wayne

Wayne M. Davies is author of 3 tax-slashing
eBooks for small business owners and the self-employed. For a
free copy of Wayne’s 25-page report, “How To Instantly Double
Your Deductions” visit http://www.YouSaveOnTaxes.com