Putting your car insurance in your business name makes sense for many reasons. For one thing, it allows you to claim tax deductions for using your vehicle for business purposes. You can also get a lower premium for business vehicle insurance when titled in your name. But it’s important to consider the risks involved when you decide to insure your car in your business name. Whether or not it makes sense for you depends on your personal situation.
When buying a car in your business name, you’re essentially purchasing a business expense. In many cases, you can claim that expense as a tax deduction. It takes longer and more steps to purchase insurance in your business name, though. In comparison to personal auto insurance, commercial auto insurance typically takes several days to establish. However, the benefits outweigh the costs. Here’s how to do it.
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