I hope to get my own vehicle in a few days and I have a question for you guys. ( I've already asked my accountant ) Am I better off taking business mileage driven and purchasing it myself, or buying it through the company. ( If I buy it myself, I can always sell it to the company later ) What's your opinion?

It depends on how much you drive and how much you are spending on your new vehicle. Mileage works better for me but my truck was bought used. I can show a little paper loss. I am guessing in your situation you are better off if the company purchases it.

I purchased all our vehicles thru the business and I deduct actual expenses. We put alot of miles on every year. Your accountant will allow you a certain amount of annual deductions on your new truck then it goes to actual gas usage, tolls and vehicle maintenance expenses.Some like taking mileage I prefer actual expenses.

I'm sure both of you are probably right and I am wrong. My line of thinking was that I would spend less on insurance and because of the better than 25 mpg fuel efficiency, I would also make out on mileage.

And of course, if one of our other vehicles failed and I had to sell mine to the company, I would lose very little and still be able to take one third of the purchase price as my share of the company deduction. Ouch, my head hurts. Too much math.

I believe the rule is after 5 vehicles you are only allowed to deduct actual expenses. The mileage deduction is not allowed. When the IRS makes a rule like that you know it isnt to give us a bigger tax break.

If you title the vehicle in your name, are you opening yourself up to be personally liable in the case of an accident? Might partially defeat one purpose of incorporating...

Mileage here.

bjansma, since I would be titling it myself, I would be able to to deduct mileage for business, the same way that I do with my wife's Sienna.

Dave, I assume you mean a terrible accident that would amount in a lawsuit? We run that risk every time we drive my wife's car. The corporate insurance probably has more protection, but you certainly pay for it.

By the way guys, the salesman showed me the different configurations for the new Ford Transit. It will replace the Econoline and come in so many heights, lengths, and packages, it's almost mind blowing. It will be out in fall.

Yes, Paul. My thought was that the plaintiff would sue the company and the car owner.

Have the company buy it and its is a section 179 write off for the company.