Purchasing new vehicle for business and personal Some background: I have worked at a very small sign company for the last 11 years. They have been in business since 1978. Four years ago I started my own small screen printing and graphics LLC on the side, with the intention to take it full-time at some point. My bosses have since decided to retire and I will be purchasing their business and merging it with my own at the end of October 2017. I will be sole proprietor, no employees.
Question is this: I need a pickup truck for my business. I also could use a new personal vehicle. I'm leaning towards getting a new/newer pickup truck to use for both business and personal use. I currently use MileIQ to track my business mileage, but am wondering what the best and easiest option is as far as acquiring a new truck goes. Vehicle will definitely be used more than 50% for business. I thought about leasing, but there's no way I'm going to be able to stay under the mileage allowance if using for both business and personal. I would LOVE to be able to buy a brand new truck, but need to know if the tax benefits will be enough for me to be able to realistically afford it.
Since I'm relatively new to business ownership, I'm still learning all the ins & outs of taxes and whatnot. I've done my own taxes using TurboTax for the past few years, but each year I feel more and more like I'm probably leaving money on the table. This year with the purchase of my employer's business, moving the business, getting set up in the new shop, I'll definitely be using an accountant for my 2017 taxes. Any help regarding my vehicle situation would be greatly appreciated! |