Overhaulin' - Advertising expenses?

Advertising expenses?

I am in the process of starting a service business and I have a question about writing off advertising expenses. We want to use a classic car to promote our business. I have found one and it needs some work. Would we be able to write off all, or a portion of the restoration costs since we are going to use it as a marketing tool?

Public Comments

100% yes. Get in touch with an accountant or tax attorney for the speicifics of your situation. What business is it? http://www.BusinessViking.com
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You are thinking correctly. Advertising and Publicity is also a Marketing tool. Cent per cent, (i.e., 100% ) write off should be allowed. Best will you take up the issue with your Tax consultant. With load of luck.
Be careful with passenger vehicles; the IRS has strict limits for depreciating autos. If your repair expense is a large amount, the IRS might not allow you to deduct it all as an expense, they might require you to add it to the cost of the vehicle and depreciate it over time. For 2007, the maximum depreciation for a passenger car was $3060, in the first year. The fact that you will use the vehicle for "advertising" does not change the fact that you are repairing an auto. As always, consult with a tax professional for specific answers. CPAGreg