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Not The Firebird
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You are currently reading a thread in /biz/ - Business & Finance

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If i provide my personal car as a company car, what expenses should the company cover?
>>
>>1087425
Any loss in capital of the car and gas.
So basically all of it.
>>
>>1087427

No. Not unless you want to get hit with an audit.

>>1087425

I have an SL-55 as my 'company' car.

If you want to deduct a SINGLE DOLLAR, you are by law required to document all the miles you drove as 'business' along with the clients information, then you can make a deduction per mile you drove.

Now, if you take some girl to dinner, and then write off the miles as business expense, you better hope no one can prove it was a girl you went to see.

Charge the dinner to your company, using a company card, and THEN you deduct for the dinner AND the miles.

But if you just deduct the miles? Some bean counter might discover that you bought a personal dinner, and deducted those miles as a business expense... you are going to go to club fed
>>
prevailing mileage rate. I think it's $0.49/mi now.
>>
>>1087493
So if you pay with a company card, nobody's going to question the dinner or the miles?

That seems like an obvious loophole.
Thread replies: 5
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Thread DB ID: 501509



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