I bought a car for the first time in 20 years so I am a little out of the loop.
The car was purchased with my personal funds: $18,000 down payment, roughly $17,000 financed.
(a 2021 Ford Explorer with roughly 60,000 miles)
The sole purpose of the vehicle is to support my small business. I am a Interior Designer/Plant Consultant and I drive all over Portland + surrounding suburbs to install custom designs and then I return weekly to maintain the plants. This requires me to have a work vehicle to cart around my 6 + 8 foot ladders, plants, soil, pest management and any other tools I need to perform the installation or weekly maintenance. I was not approved for the loan through my small business so I financed it personally.
I track all my duty details daily as well as time spent. I've started using QuickBooks and I've started to track all my trips through the app- I am trying to get better at remembering this step since it's a new thing I've added.
My questions are:
1. Can you explain the ins and outs of the vehicle purchase as a business expense?
2. How do I take that deduction?
3. Expert tips, tricks, + insider knowledge will be very appreciated
