@melissa.san.roman: Your business car payment is not automatically an expense on your P&L. * The principal portion reduces the loan balance and is not an expense * The interest portion IS recorded as Interest Expense * Depreciation IS recorded separately as the vehicle expense over time * Your P&L should generally show interest + depreciation, not the full monthly payment Lease exception: If you lease the vehicle, you can generally deduct the business-use portion of the lease payments in the P&L. Comment below with any questions

Melissa San Roman
Melissa San Roman
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Region: US
Wednesday 12 August 2026 17:58:08 GMT
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perlitaromano
Perla88 :
I don’t have an LLC but I sell insurance for Medicare and I go to homes and I travel to other states and I get 1099 forms can I put a Honda accord under assets ?
2026-08-13 02:39:28
0
afuery
SportsWithAndrew :
It’s a lot easier than this: just record the interest part of the payment and keep a mileage log of all business miles driven for the year.
2026-08-13 04:56:57
3
munecaperdida
Muñeca Perdida :
what if you OWN the vehicles? as in bought them all cash. no loans.
2026-08-13 03:20:36
1
sampiekemp
sampie kemp :
on a asset like a vehicle that u wright of remrmber if u sell it tge profit is income in your business and it will get taxed
2026-09-22 04:18:24
1
stanb888
Stan B955 :
take the one time depreciation and write off the interest, gas, and maintenance.
2026-08-16 20:44:10
8
jason78carr
Jason Carr :
Depreciation
2026-08-13 01:20:24
2
bigjim992
bigjim992 :
What if you pay off the loan in cash how do you use that for your business?
2026-08-13 03:28:38
0
mustangsally066
Sheila E, CUTICLES :
If you lease a vehicle, do you also get to count mileage?
2026-08-14 12:26:16
0
vipboatbutler
Premier_Boat/RV_Storage :
My CPA tells me that if I buy a truck for our business but the vehicle is not in the “business name”, it’s in my personal name, then all I can do is deduct the mileage?? Is this true??
2026-08-12 20:32:05
2
newjersey.mom
NewJerseyMom :
What about is we use it for TikTok? 😁
2026-08-12 22:15:06
1
farmergirl512
farmgirl512 :
Just what I need. Going to be using QB for a plant nursery on the farm.
2026-08-13 00:58:17
1
devonk40
devonk40 :
Love that info ! Reminded why I never got into accounting though …
2026-08-12 23:07:00
1
user27294762591180
Gparra1 :
thanks for info
2026-08-12 22:03:04
2
keriboberi
Keri :
I ❤️§ 179.
2026-08-13 01:09:06
1
wmegan27
Megan :
How does this work if your team 1099 driving uber
2026-08-12 23:08:19
4
bethenybythebay
Betheny By The Bay :
What about a lease?
2026-08-13 13:51:10
0
bobbyrocket1
bobbyrocket1 :
Thanks
2026-08-12 22:07:31
1
user23527780774308
nonhle _ndlondlo :
Thank you
2026-09-21 21:18:15
1
user27294762591180
Gparra1 :
thanks foe the info
2026-08-12 22:02:47
2
j.davis5383
J.Davis5383🇺🇸 :
I thought you could write 100% of the vehicle off the first year now?
2026-08-13 10:32:43
0
tntjdm2178
tntjdm2178 :
Of course have to make it as hard as possible, it can’t just be simple
2026-08-14 08:57:32
2
carecollective1
QualityNetworks :
great information
2026-08-13 00:39:18
1
708.mikey.town
mikey.town :
Since we have a gaap audit for our bank, we have follow asc842 for our office lease and the owner's car lease, with right of use asset and lease liability. calculating the imaginary interest is a pain in my butt. somewhere I'm off (I'm just an IT guy that got stuck doing all the bookkeeping after our CFO retired because I took Accounting 101 as an undergrad elective lol). The owner doesn't want me to ask the CPA because we'll get a bill for the answer, so I guess he'll just adjust it at the end of the year. 🤷‍♂️
2026-08-15 17:20:26
1
nicsonbranole
Nic :
depreciation recapture?
2026-09-13 16:35:56
0
alicia0226vy
Alicia Marie Vanwhy :
what if you rent a vehicle for work ?
2026-09-24 20:57:04
0
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