@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
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
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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
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Muñeca Perdida :
what if you OWN the vehicles? as in bought them all cash. no loans.
2026-08-13 03:20:36
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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
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Stan B955 :
take the one time depreciation and write off the interest, gas, and maintenance.
2026-08-16 20:44:10
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Jason Carr :
Depreciation
2026-08-13 01:20:24
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bigjim992 :
What if you pay off the loan in cash how do you use that for your business?
2026-08-13 03:28:38
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Sheila E, CUTICLES :
If you lease a vehicle, do you also get to count mileage?
2026-08-14 12:26:16
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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
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NewJerseyMom :
What about is we use it for TikTok? 😁
2026-08-12 22:15:06
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farmgirl512 :
Just what I need. Going to be using QB for a plant nursery on the farm.
2026-08-13 00:58:17
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devonk40 :
Love that info ! Reminded why I never got into accounting though …
2026-08-12 23:07:00
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Gparra1 :
thanks for info
2026-08-12 22:03:04
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Keri :
I ❤️§ 179.
2026-08-13 01:09:06
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Megan :
How does this work if your team 1099 driving uber
2026-08-12 23:08:19
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Betheny By The Bay :
What about a lease?
2026-08-13 13:51:10
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bobbyrocket1 :
Thanks
2026-08-12 22:07:31
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nonhle _ndlondlo :
Thank you
2026-09-21 21:18:15
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Gparra1 :
thanks foe the info
2026-08-12 22:02:47
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J.Davis5383🇺🇸 :
I thought you could write 100% of the vehicle off the first year now?
2026-08-13 10:32:43
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tntjdm2178 :
Of course have to make it as hard as possible, it can’t just be simple
2026-08-14 08:57:32
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QualityNetworks :
great information
2026-08-13 00:39:18
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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
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Nic :
depreciation recapture?
2026-09-13 16:35:56
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Alicia Marie Vanwhy :
what if you rent a vehicle for work ?
2026-09-24 20:57:04
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