Originally posted by Eric is God
To my knowledge you cant do that with vehicles, not legally at least. Yes my dad runs his own computer consultant firm (just him working in it), but you cant claim automobiles that arnt used for the business. If you set it up that the vehicles are provided by the business for your personal use then i know for a fact that you will get screwed over tax wise. If you bought them yourself and claim they are used in the business you can get have your insurance voided after an accident if they find out you lied. Im quite sure you cant simply get a business package deal unless all the cars are used mostly for the business ..... my B- in third year taxation taught me a few useful things i remember. Yes there are many ways to lie and save money for insurance and taxation, but not without being royally screwed if they find out. They closed off all the business expense loopholes about 3-4 years ago and since my parents wont do anything they dont believe is 100% legal there is no way that would happen.
To my knowledge you cant do that with vehicles, not legally at least. Yes my dad runs his own computer consultant firm (just him working in it), but you cant claim automobiles that arnt used for the business. If you set it up that the vehicles are provided by the business for your personal use then i know for a fact that you will get screwed over tax wise. If you bought them yourself and claim they are used in the business you can get have your insurance voided after an accident if they find out you lied. Im quite sure you cant simply get a business package deal unless all the cars are used mostly for the business ..... my B- in third year taxation taught me a few useful things i remember. Yes there are many ways to lie and save money for insurance and taxation, but not without being royally screwed if they find out. They closed off all the business expense loopholes about 3-4 years ago and since my parents wont do anything they dont believe is 100% legal there is no way that would happen.
i dunno... i'm pretty sure it's okay.. atleast i thought i did... i'll try to find out more :\
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