If you run a business, you likely already know how the miles can quickly rack up on your personal vehicle. There are multiple benefits to purchasing a vehicle specifically for business use, especially once you add employees. For corporations, the tax advantages of buying a vehicle include the ability to claim a substantial deduction each year based on the depreciation of the vehicle, helping offset the taxability of the income your corporation earns.

If your business is a corporation -- even a one-person corporation -- it's legally a separate individual. Your money and the corporation's account are two separate pools. If you want your company to have title to the car, you have to buy it with business funds or have the corporation take out the loan. The title goes in the business's name.




How To Buy A Car Under A Corporation