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The Water Cooler
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How does deducting a vehicle work?
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<blockquote data-quote="Rod Snell" data-source="post: 1617441" data-attributes="member: 796"><p><a href="http://www.irs.gov/businesses/small/article/0,,id=109807,00.html" target="_blank">http://www.irs.gov/businesses/small/article/0,,id=109807,00.html</a></p><p></p><p> Publication 535, Business Expenses.</p><p>Capital Expenses</p><p>You must capitalize, rather than deduct, some costs. These costs are a part of your investment in your business and are called capital expenses. Capital expenses are considered assets in your business. There are, in general, three types of costs you capitalize.</p><p></p><p>Business start-up cost (See the note below)</p><p>Business assets</p><p>Improvements</p><p></p><p>Rules vary for different assets, and assets only partly used for business are a bucket of worms, especially vehicles.</p><p>Happy reading; you may need a tax specialist to translate.</p></blockquote><p></p>
[QUOTE="Rod Snell, post: 1617441, member: 796"] [url]http://www.irs.gov/businesses/small/article/0,,id=109807,00.html[/url] Publication 535, Business Expenses. Capital Expenses You must capitalize, rather than deduct, some costs. These costs are a part of your investment in your business and are called capital expenses. Capital expenses are considered assets in your business. There are, in general, three types of costs you capitalize. Business start-up cost (See the note below) Business assets Improvements Rules vary for different assets, and assets only partly used for business are a bucket of worms, especially vehicles. Happy reading; you may need a tax specialist to translate. [/QUOTE]
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