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What can I write off in my business?
I have an audio car shop and want to know if I added accesories to my personal vehicle for display purposes car I write that off. Now if I can how does it work when you write it off? Let's say I spend 4k in everything how much would I normally get back?
thank you
2 Answers
- JakeLv 78 years agoFavorite Answer
At most only percentage of the time your personal vehicle is dedicated to display. On display 8 hours a day, they may prorate it to 33% of the investment. My guess they may give no deduction for adding to personal property.
If you pay 25% taxes then a legit 4k expense would save 1k on the tax bill.
- Howard LLv 78 years ago
It's impossible to know how much you'll get back without knowing how much you make and what other deductions you have. It is legal to deduct the cost of display merchandise but if you later sell it you're required to report the sale price as income.
