Take car loan as a company car saves on taxes?
Miranda B asked:
I’m planning to buy WagonR on monthly EMI scheme. I heard that we are not getting any tax rebates on buying cars and also one can save on taxes when we purchase as company car. How is that. Please explain in detail.Thanks.
http://www.teambuildingdirectory.com/
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I’m planning to buy WagonR on monthly EMI scheme. I heard that we are not getting any tax rebates on buying cars and also one can save on taxes when we purchase as company car. How is that. Please explain in detail.Thanks.
http://www.teambuildingdirectory.com/
June 3rd, 2009 at 6:27 am
First for one year with hybrid (Prius) you get a 1 time tax break. Company cars get adeduction for use, repairs ect. including miles.
June 3rd, 2009 at 6:38 pm
For a write off you want to lease the car, not buy it . Also you will still need a second vehicle for personal use or you’ll have to figure % of personal use on the Co. car and deduct that from costs . If you have a second vehicle for personal use you can write off 100% of payments, maint, repairs etc. IRS is watching this close now .
June 4th, 2009 at 9:40 pm
I don’t know what you mean by the whole EMI scheme…but to answer your question:
Also, a good site is…
Hope that helps.