Overhaulin'

Should buy a car for business or personal use?

My bf is self employed and wanted to know if its better to buy a car on the company's name or his name??? And which one has the most benefits??

Public Comments

1. You buying a car wouldn't affect your boyfriend's business one way or the other, since you would put your car in your name. As to your boyfriend buying a car, it depends for the most part, and his tax adviser would be the person to ask. If he puts the car in the business name, and uses it strictly for business, as I do with my tow truck, then all expenses against the vehicle are tax deductible. But if he uses the car partly for business and partly for personal use, it gets somewhat complicated. But again, your tax consultant is the person to ask.