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self employed, RU writing off portion of bike expenses


barncobob

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with the cost of GA$ im using the bike more running errands associated with my business. any words of wisdom. CPA says no problem as long as i dont abuse the system.

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I do it all the time as I DO use my bikes (both of them ) in my business. In fact I use them almost daily in my work. My Ford F350 has literally been parked this year and last year too for work use anymore.

 

You have to keep mileage logs to determine personal vs. business miles though, to determine the % of use. Also, write off of maintenance expenses are also included in this % of use.

 

I'm not sure it really saves any money due to the higher costs associated with running the bikes (i.e. another tire replacement at 5900 miles tongue.gif), but it is hard to beat the 48 mpg of the RT and the 68 mpg of the GS on a daily basis thumbsup.gif

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Fasterpill

48.5 cents per mile write off or in my case I submit it as a personal expense (no I'll drive to that training, thank you!) and get a nice check. Will ride for money. I love dees country!!

 

And it's bullet proof with the IRS. I don't think my accountant depreciated it, though, when I was self employed and used it for transpo to clients.

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I also do charity rides and if it is a 501c3 non-profit organization you're riding for in their event, you can write off 14 cents a mile while your having fun. That milege starts at your driveway until you get back home. I rack up a few thousand miles a year.

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