Studiogeek

iTrader: (6)

Has anyone found ways to write some of building a car (turbo upgrade etc.) off on your taxes?

ISFFUN

iTrader: (4)

I'm no tax guru (far from it) but I think with this concept, the expenses need to be related to the type of business you operate, so

These might work:
You're selling turbo related parts and use the car to advertise (but you need use the car for more than a certain percentage for business related expenses)

These wont:
Your turbo helps you get to work faster (you can't deduct commuting expenses for working at Mcdonalds)

So.....again, don't quote me on this, but I think if you own your own business and use the vehicle for most of the related work, ANY REPAIRS / MAINTENANCE, a certain percent can be deducted. when you file a 1099 it's not granular enough to differentiate fixing an intercooler pipe or something, it's just "general" repair. However, you need to be filing self employment income to begin with to get any of these benefits. You can't deduct anything if you are working for a company and get a W2. (I think)

Studiogeek

iTrader: (6)

I have a C-Corp. Almost all of my driving is work related. I think I may go with 80%.

mikef

iTrader: (3)

the truth, if we all can drive faster that would mean more revenue, more money to make. if we can write off turbos on taxes, more people would have them. more spending in America. more jobs. less homeless people.

Studiogeek

iTrader: (6)

...........

Blkexcoupe

iTrader: (8)

If the car is an asset of the C-corp and you actually use it as your commuter car for work and the C-corp is paying for all expenses related to the car (insurance, gas, maintenance, etc...), then it would be possible. It would basically be a company car for an executive to use.

If its your personal car and you drive it for work, then the company can only write off the commuting expense it pays to you for fuel and some maintenance.