#495 Why You Shouldn't Write Off That Car

Main Street Business

In this episode of the Main Street Business Podcast, Mark J Kohler shifts the idea of buying a car strictly for the write-off into reverse and emphasizes the importance of having a vehicle that aligns with your business needs.

Here are some of the key points that Mark unpacks:

• A breakdown of the pros and cons of business owners buying a vehicle.
• An in-depth discussion on when it is suitable to buy a vehicle for business purposes to leverage tax benefits.
• The significance of ensuring the business can support the deduction for the vehicle.
• Example scenarios illustrating the risks of buying a vehicle based solely on the intention of writing it off.
• The need for proper legal structuring and insurance when owning a business vehicle.
• How the mileage method can be a suitable option for small business owners.
• Thoughts on integrating family members' vehicles into business write-offs for tax benefits.

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Chapters

1. Buying a Vehicle for Tax Write-Off (00:00:00)

2. Maximizing Vehicle Tax Write-Offs (00:02:54)

3. Protecting and Maximizing Business Vehicle Benefits (00:11:26)