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Financing new or used for tax benefits

chargersroolchargersrool TexasPosts: 1
edited October 2017 in General
I've googled this question but no one gives the answer I'm looking for and they bring up leasing into the mix.
I'm looking to finance a vehicle strictly for business (2009+ Dodge 2500 diesel) that will be used for traveling + hauling materials to and from my business.
I'm located in Texas. The question is, do I get more tax benefits from financing a new or used vehicle for my company? Or do you just go the simple route and calculate the mileage used for business? Is it a big difference financing through a company versus personal? What methods do you use?

Comments

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    You probably need a tax professional to pencil this out because there are various methods for reducing your taxes and they might conflict (as in, if you do THIS, then you can't do THAT). Same is true for deducting the sales tax you paid for the vehicle. Last of all, if there's any personal use of this truck, that will cause a substantial revision on how you file. The decisions you make on how to do this have serious consequences so that's why I think you need a tax person to field this question thoroughly. My tax guy tells me to go the mileage route so I don't list operating costs. Your results might vary.
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