Car Audio Business Owners

[xtremekustomz 10+ year member]

Got a few questions for you and maybe you can help. I've got a truck that I am planning on building and was wondering what kind of tax breaks you get. Do you get to write off the product and other things done to your vehile? Basically I am planning on using it for advertising showing what the store can do.

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[qtipextra 5,000+ posts]

I am not a bussiness owner, nor do I know for sure, but I think you can do that as long as it relates to the business.

My parents own a "farm" which is only 7 acres of property, not really a farm. They write off 4-wheelers (that we use for recreation) as well as a new vehicle, because the things can be used on the "farm"

 

[xtremekustomz 10+ year member]

I am not a bussiness owner, nor do I know for sure, but I think you can do that as long as it relates to the business.
My parents own a "farm" which is only 7 acres of property, not really a farm. They write off 4-wheelers (that we use for recreation) as well as a new vehicle, because the things can be used on the "farm"

Well I'm a self employed contractor that remodels houses and I know about the tax breaks for that. I just didn't know if it was any different. I'll probably just call my accountant and make sure before I spend thousands of dollars and am not able to write it off!

 

[04redmach1]

As long as it is in company's name and prove it is for the company, HAVE FUN !

 

[WulfComp 10+ year member]

I have always just shown it as inventory, because I have always planned on selling when I upgrade to newer stuff. Just like if it was in a demo wall. You would just have to charge tax once you sold it.

 

[SocMunky 10+ year member]

Well I'm a self employed contractor that remodels houses and I know about the tax breaks for that. I just didn't know if it was any different. I'll probably just call my accountant and make sure before I spend thousands of dollars and am not able to write it off!

Solid plan, the accountant would be best suited to let ya know.

Nice biz by the way, you do any old/historical houses? Or more modern ones?

 

[xtremekustomz 10+ year member]

Solid plan, the accountant would be best suited to let ya know. Nice biz by the way, you do any old/historical houses? Or more modern ones?

Yeah, I do alot of old houses. Mine that I just sold was built in 1905, doing my parents house right now and it was built in the late 1800's. Finished one a day before Thanksgiving that was built in the early 1900's and I have a victorian style house that I've got to paint that was built in the late 1800's. It is HUGE. It has 43 windows in it.

 

[blackgeltabs 5,000+ posts]

Honestly I would go to termpro forum and ask those guys, you will get much better answers there