is it POSSIBLE 2 get CAR INSURANCE under YOUR business & WRITE it OFF on your TAXES?

[troutwine]

for all my people that own LLC's or Corps...

Were you able to get insurance under your Company's name, rather than yourself as an individual?

If so, what were the benefits, did you save any money? Were you able to write the insurance off on your Taxes?

 

[kjxxxx]

Re: is it POSSIBLE 2 get CAR INSURANCE under YOUR business & WRITE it OFF on your TAX

for all my people that own LLC's or Corps...

Were you able to get insurance under your Company's name, rather than yourself as an individual?

If so, what were the benefits, did you save any money? Were you able to write the insurance off on your Taxes?

It's not hard to get it under the company name. It cost more than if you liscened personally. The benefit of having that kind of asset in an LLC is for privacy and insulation against suite. Generally crap done by the LLC remains in the LLC unless there is negligence on your part or if there is easy way to penetrate the LLC. Like if there is a single member LLC and you mix the business stuff with personal stuff. So that's why you need to keep things seperate. If you have a lot of cash you can put that in a seperate entity from the high risk stuff for insulation. For isntance you have some rental houses that you own outright you would put those in a seperate LLC or trust from your car so that if you got sued after an accident and the lawyer lookup what you own they will not easily see the homes and they will see the car was owned by the company and the company don't have much so the hastle it will take to break through the company to get to you and then other entities will be way more than they want to invest when the could move on to the next client. If for each entity you have someone else with a 1% interest in there and you have a line in the company bylaws that says, no distributions are to be made to any third party without written permission of the members, then even if the court issue an order that your share be issued to the party, it wont because it is there in your bylaws. If they go back to court so that they can get your interest in the company and they get it. If you have it written that distributions of dividends must be approved by all members then just have the other member just vote no all the time. After a while of them not being able to collect any money you can offer to settle then.

If you have a S corp or Schedule C filing then taxes flow from the entity to you personally. So yes it's deductable. Part of the benefit of doing your taxes personally at least one year is it gives you an understanding of how things can be tax wise.