In recent years, limos have emerged as some of the most versatile transportation options available—not only for VIPs, executives and A-list celebrities, but even for ordinary individuals for extraordinary events.
However, a limousine service, first and foremost, will always be thought of as the domain of business. Now that limousine services have become more accessible, small business owners and even large corporations can take advantage of the many different benefits offered by limo companies. A small business owner, for example, can impress clients and peers without having to pay a steep price. Larger corporations can use a limousine service when their luxury sedans are held in a garage for routine maintenance.
If you are planning to use a limousine service Bergen County NJ experts offer these invaluable pieces of advice to business owners.
Remember to keep the receipts
Whatever your purpose may be for renting a limo, it is a good idea to keep the receipts. Remember, business-related expenses, including limo hire, can be deducted from your taxes.
Understand the relevant IRS regulations
If you are planning to deduct your limo hire expenses as part of business transportation expenses, it is worthwhile to brush up on your knowledge of pertinent IRS regulations. These regulations include publications 334 and 463, forms 2106 and 2106-EZ, and form 1040 schedules A and C.
Ride to impress
Seemingly small measures like taking your clients for a limo ride can go a long way in helping establish a positive impression for your company.
Ride for convenience
If your role in your business entails constantly traveling around, consider using a limo as an airport transport service. This will allow you to buckle down to work even as you are in transit while keeping you safe.
Separate business from personal use
While there is no one stopping you from indulging in the luxury of riding a limo for personal use, make sure that you pay for the service using your own money. If you wish to deduct the limo service from your company’s coffers, keep it strictly business.
Get the right vehicle
It may be tempting to get the pricier vehicle; however, if you are going to deduct the expenses for the vehicle hire, you should opt for something conservative—unless you want the IRS to scrutinize your choice. Get a vehicle that does the job.
Consider your company’s image
Whether you are the owner or an executive, know that you represent your company and that your actions will reflect what you demonstrate.