Financing for Company-owned 5th Wheel?
Hi folks, Two dealerships I am working with are running into roadblocks with my financing. I need my corporation to own the 5th wheel for tax purposes, but the lenders that the dealerships use only ...
Forum Discussion
Lwiddis wrote:
What's the business purpose for your company needing a 5th wheel? Can you spell a..u..d..i..t?
Really???
One could come up with a business purpose for anything from a box of cereal to a fleet of RV's. As a contractor, I could justify a RV as lodging for my out-of-town employees. The fed govnt has established rates for lodging, per diem, etc. In any kind of reasonably sized metro area, I could get $80/night for lodging and $50 per day for food. If my CPA was advising me to do something, then I'd do it. Their job is not only prepare my taxes but to also help maximize my personal benefit while minimizing my tax burden.
And if I put my company name on my Lamborghini and use it to wine and dine clients, then I've created even more tax reduction possibilities.
(if I had a Lamborghini)
