BOOKENDS is By The Books’ deeper dive into our social posts. Please message, email or call us with suggestions or questions you’d like to have answers to.
February 4, 2019
TRUE OR FALSE: I should be able to write off the cost of my vehicle because it has advertising on it for my business.
False…sort of. If your personal vehicle has signage for your business on it, you can expense the cost of the sign, and the miles you accumulate while out on business. You can’t expense your business the cost of the vehicle or any upkeep on your personal vehicle. However, if you purchase a vehicle solely for for purpose of business, you can expense not only the cost of the vehicle, but also the fuel, signage, licensing and any advertisements on or attached to the vehicle. Now, if you need to use the business vehicle for personal use, you are legally supposed to reimburse the business for the mileage spent on personal errands.
BOOKMARK: The new mileage rate for 2019 is $.58 per mile.