Biz and Vehicles

Short890 · 05-31-2008, 03:48 PM

Anyone:

How do I get my vehicles under my business name?

Enigma · 05-31-2008, 11:58 PM

Sell the vehicles to the business.

Transfer the title, providing there is no lien on the vehicles.

Hedwig · 06-01-2008, 02:03 AM

But if you're going to use them for personal use at all, become very familiar with the IRS regulations. The value may be taxable income to you personally.

Enigma · 06-01-2008, 02:11 AM

Quote:

Originally Posted by Hedwig

But if you're going to use them for personal use at all, become very familiar with the IRS regulations. The value may be taxable income to you personally.

Excellent point!

Hedwig · 06-01-2008, 02:36 AM

A lot of people start businesses and don't really understand all of the tax implications. They think they'll shift the expenses to the business.

And if the IRS finds out later, it costs a lot more than to have not shifted the assets to the business.

That's why when I advise people starting businesses, two of my rules are: 1) become very familiar with tax laws, and 2) never make a business decision based purely on tax reasons. The tax laws will change over time. While tax implications are a consideration, they shouldn't be THE ONLY consideration.