Writing off a business vehicle

[sharp21]

How does it work? My wife has her own little business, but we havent been taking full tax advantage...
Now im getting ready to buy a truck & am hoping to write it off, but am not sure whats involved
S.

[IoannI]

You write off your repair bills, finance or lease payments, gas. You deduct it from your earnings as a deduction.

[Whitedart]

How does it work? My wife has her own little business, but we havent been taking full tax advantage...
Now im getting ready to buy a truck & am hoping to write it off, but am not sure whats involved
S.

What percentage of the total mileage is used for the small business? Do you keep accurate records of the business use? Most expenses can be claimed, but not the portions applicable to personal use or a full time job if the small business is only part time.

This has been discussed in greater detail in the Personal Finance secton here, so you may want to do a search.

[Drew_W]

Talk to an accountant. It'll cost less than not maximizing savings or paying penalties for overdeductions.

[poohsing]

This link would be helpful:

http://www.cra-arc.gc.ca/tax/busines...or/menu-e.html

One of the biggest items that you can claim is the CCA (Capital Cost Allowance), which is basically 'depreciation' in tax terms. My advice, too, would be to find yourself an accountant to make sure you do it properly.

[sharp21]

Thanks for that link
Ill check the personnal finance section
S.