Genuine question—why is this a surprise? Interest is included in the payment, right? And the vehicles are owned by or used exclusively by the business? Why would the interest on the loans convert to a personal expense?
My vehicles have always been deducted in full when purchased even if financed so the car payments aren’t an expense so the thought of the interest didn’t cross my mind until my cpa mentioned it
Interest on car loans. We have three vans and two trucks that we finance and every year that’s about $8k in interest
Genuine question—why is this a surprise? Interest is included in the payment, right? And the vehicles are owned by or used exclusively by the business? Why would the interest on the loans convert to a personal expense?
My vehicles have always been deducted in full when purchased even if financed so the car payments aren’t an expense so the thought of the interest didn’t cross my mind until my cpa mentioned it