What A Deal!

Are you a small business owner and planning to buy a new car? Check out this article I found on MSNBC.  It appears a select few (which include doctors and lawyers-go figure!) are afforded the benefit of a write-off up to $100,000 on a new vehicle, provided the vehicle is used in their business. What a deal! Apparently the law was originally written to enable small businesses an opportunity to buy 'equipment' and reap a tax break. Of course some yahoo somewhere had to push the envelope and now everybody and their dog is jumping on board. Understandably car manufacturers and dealerships are advertising this to boost their sales.

But buyer beware!  Personal auto insurance contracts EXCLUDE coverage on business vehicles.