Hello,
I've been renting cars but now that locums has become more frequent, considering buying/leasing. I sometimes have to drive 10+ hours and not as young as used to be so am looking to buy a decent car ($60K+). My question is, in terms of tax deductions, what is the best way to purchase a car? new / used? lease/purchase (assuming I'd like to hang on to car for 5+ years)? Considering I'll be using it for only locums/independent contractor/business purposes, can I apply the automobile tax deduction rule (for vehicle > 6000lbs)? Bottom line is, rather than throw away 2k/month for rental, what's best way to get own car (assuming locums company does not compensate for rental)?
Thank you
I've been renting cars but now that locums has become more frequent, considering buying/leasing. I sometimes have to drive 10+ hours and not as young as used to be so am looking to buy a decent car ($60K+). My question is, in terms of tax deductions, what is the best way to purchase a car? new / used? lease/purchase (assuming I'd like to hang on to car for 5+ years)? Considering I'll be using it for only locums/independent contractor/business purposes, can I apply the automobile tax deduction rule (for vehicle > 6000lbs)? Bottom line is, rather than throw away 2k/month for rental, what's best way to get own car (assuming locums company does not compensate for rental)?
Thank you