|
If the vehicle is EVER used for personal use, tax deductions get extremely sticky. Any expenses have to be ratioed with documented personal/business uses. In the vast majority of cases, the mileage deduction is the best option unless you're willing to document every mile on the car.
Also "upgrades" that aren't explicitly required for business use are hard to claim as deductions. Even worse if the car is used for non-business activities of any kind.
IMHO, "destroying the value of the car" isn't relevant if you're using it to generate revenue, particularly if you're going to make enough to pay for the car several times over its revenue-generating lifetime. If you spend X on an asset to generate revenue, and you generate 4X in revenue, the end value of the asset is very small compared to the revenue dollars.
|