Question

Purchased vehicle for own use

Answer 1

Answer:

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A car purchased for use in a business has certain tax advantages for the owner, whether that owner is the business or an employee. But before you buy that car, consider the pros and cons of having the company or the employee owning the car. There are tax implications and other factors to consider in this decision.

In this situation, we'll look at ownership by a corporation vs. ownership by an employee.