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rjcalnan	Okay - here's the scoop. Was looking at BUYING a cat this winter for tax reasons, but after some research I have discovered that that is a TERRIBLE idea. I need to lease something, so I can write off 100% of the payments every month. Any other business owners/accountants on the board, please HELP if possible. Anyway, I'm actally leaning toward leasing a Porsche Boxster. I can get one for 39 month contract with TipTronic (wife and I are both lazy) for about $450/month 12K miles a year. Anyone know of any Prowlers that I might be able to strike the same deal with? Also, if anyone can tell me if I'm correct about the whole write off thing too. CJ - I figure you might have some info on this, Chuck, you too. Thanks guys!!!! rich This message has been edited by rjcalnan on 06-22-2003 at 08:30 PM
CJ	You can purchase OR lease a car through the Friends and Family program. You would just have to find a dealer who would be willing to participate in the program and willing to do it my leasing you a Prowler. Other than that, I'm sorry.......I don't know what to tell you.
rjcalnan	CJ, I'm assuming no one knows what to tell me on the board from the lack of responses - I figured that there would be quite a few entrprenours (spelling) on the board that would know - guess I assumed wrong. thanks though! rich p.s. - what's the Friends and Family program?
fixumm	You can not write off 100% of a lease unless it is used 100% for the business.FYI
Randy Cobb	It is my understanding that it varies slightly from state to state, but generally if you register it in the company you can expense the monthly lease payment. I would suggest you cotct your CPA for applicable tax laws in your state. In most states, you expense the lease just as you would a lease on office space, computers, etc. and can purchase at the end of the term at fair market value or for $100 depending on the type of lease. Most any financial institution will either offer an existing lease package or structure one for you. I didn't lease my Prowler. I viewed it as a personal item that I wanted registered and titled in my name. I do lease/leased tractors (18 wheelers)and service trucks. I leased my daily driver (Tahoe) registered it and titled it in the company's name and purchased it at the end of the term for $100 plus an administrative fee of $250. I do use the Tahoe on business. ------------------
ed monahan	RJ, you cannot expect 30 hits on a topic in 2 hours. You need to be a little patient until everyone has a chance to get on the site. A lot of people do not work on Sunday evening and hate to use their own time to read this stuff. When they get to work on Monday they usually can find the time. lol.
GenoTex	A lot of people do not work on Sunday evening and hate to use their own time to read this stuff. When they get to work on Monday they usually can find the time. now there's ANOTHER gem, Ed!
spoons	If you Register a vehicle in the name of your business don't you then need to get commercial insurance on the vehicle which is significantly higher? My cousin runs a small business in Rochester and had his Ford 350 regester in the companies name, but had personal insurance on the truck to save money! He got in a little fendor bender and when the insurance company found out he was using the vehicle for business purposes they refused to cover the damage. He was left high and dry. FYI My 2 cents... ------------------ Brian K. Richardson West Palm Beach, FL http://www.brianrichardson.net 1997 Purple W/ 1997 Mopar Trailer TGF Metalcrafters Rear Spoiler ~ Splash Guards(Front + Back) ~ Ceramic brake pads (front) ~ "Cracked Ice" shimmers on rear bumpers ~ Magic Touch Design 2.2 Air Intake ~ Purple Painted Shift Bezel ~ Trailer Leather Bra ~ Complete, Speaker Upgrade ~ $15 chrome grill ~ Front Suspension Brace ~ 2001 Prowler Ignition Key ~ Louvered Transmission Cover.
ed monahan	Geno, are you at work? i rest my case!! I do what I can to entertain the masses.
idive	I looked into writing off my Prowler when I bought it in '98. My CPA said that I could not write off the entire price. IRS would only allow a max. 16K, I believe it was. Things may have changed since then but I doubt you can write off what you pay for it. You can continue writing off that portion you use it for business tho. There are several ways to do this. Lets say you drive your other car around town putting on 100 miles. Then you drive your Prowler 3 miles (on business) and stay there 6 hours. You used it 25% of the time that day for business so write off 25% expenses. Or you can just write off your actual expenses. Or, what I do, is get total annual miles on vehicle, keep track how much of that was for business, divide it out, and take that percentage of write offs. Some things I claim, some I don't claim even tho I can. That way, if the IRS audited me and said, "You can't take that one..." I can say, "Maybe not that one, but I could have taken this one over here, so I'll take it now." kinda thing. Disclaimer: I'm not a CPA. Check with your CPA. And if there are any IRS agents reading this, I never said a word of it. ------------------ Mickey 1997 Plymouth Prowler #156 Mopar front splash guards Real Rod stainless steel transmission cooler cover 1992 Plymouth Grand Voyager SE Longhorn scratches Boomerschlobber This message has been edited by idive on 06-23-2003 at 02:03 PM
Marty Usher	I'd suggest you ask your accountant. ------------------ 2000 Black with hand painted blue faded to purple flames
1HOTCAT	I purchased my two trucks for my small business. You will get to write of your depreciation on any equipment you use in business. As Marty just wrote, it would be best to check with your tax man that prepares your taxes, he knows you business better then any one here.
rjcalnan	thanks for all the info! I don't have a "tax man" just yet, but the IRS' web site gave me the document that I was looking for - it's pub 463 in case anyone wants it, here's the link (page 23 is the key): http://www.irs.gov/pub/irs-pdf/p463.pdf Basically if I were to buy it, I'd get screwed, BUT if I lease it, well then that's a whole new ball game - of which I could write off 100% (as it would be 100% business use) of EVERY cost associated with the operation of the vehicle - including the lease payment (minues an inclusion value) unfortunately, for me, the Prowler would be a "collector" car that I would plan on keeping my entire life - I could NEVER EVER lease such a beautiful thing. So I guess I'm going to have to (twist arm) go with a Boxster. Also a lot bigger decal market in the Boxster as well, since a TON of people have them relative to Prowler folks. If I'm lucky, and business grows, I'll be able to pick up a good used Prowler. So don't lose hope in me yet ;-) thanks all! rich
CTProwler	Just saw the post. I lease my truck for my business. My acct says i'm better off buying, then leasing. I pay $600 a month for 36 months then if i want to buy it its $17000 buy out. So the only real advantage i see in leasing is you don't have to put down any money to speak of! (except first months payment etc). So you could take the $10000 you have saved and buy some stock with it. Or a Prowler deposit!Also if your tired of the vehicle after 3 yrs you don't have to worry about selling it, just turn it in. Ask a Professional, you should ask around ,get some referrals from friends and find one who can save you some money. You don't have to be the smartest person in life if you surround yourself with knowledgeable people to manage your money!!!Just ask some of those Professional Boxers!!LOL ------------------