Paying By Check For A Van Question

Wensdy

I paid someone today by check $8,000.00 to buy his van. in quickbooks, do I place this under automobile expense?

MattCoops

yes

and go and get a mileage log at staples
and record where you go and how many miles for every trip
miles will save you a lot of money paid to uncle sam

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Matt with Cupan Custom Tile & Paint of Lowell, Massachusetts
Design and installation of ceramic tile and natural stone for floor, wall, and countertops
(978) 601-8774 | cupantile@gmail.com | view tile pictures and more

Celtic

I agree.

Write it off...and add these items to your xmas list:
GPS unit
Alarm
New head unit w/mp3 capabilities
New speakers
Graphics and painting

Pick the best for the list as you will be buying what you can afford

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firemike

Ask your accountant, he/she might want it to be a capital expense since it is over $5,000, a tangible fixed asset, and can be depreciated over time.

Matt's right too, if you use the truck for both business and personal use, you need to keep the mileages, if it is a dedicated work truck, usually you don't. Again, check with your accountant.

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-Mike-