Quote:
Originally Posted by wakeboarder109
I'm currently driving around 20k miles/year so I would say that's a safe estimate. I was initially thinking the lease would be the way to go but it looks like purchasing under Section 179 could give some substantial deductions (i.e. $25,000 for the first year).
For any of the accountants out there, is there a worksheet or formula for this? I've been looking but haven't found one yet.
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I'm very curious as well. So you get deduct up to $25,000 for buying a car for your first year of business run?
I'm in a market for buying a car and I'm in my first year of running a business and this is very tempting.