I am planning to purchase a vehicle in the coming months. I have a business of my own formed as a S-corp in Virginia. I will be using the vehicle to commute every day to and from work and for other client meetings.
I'm wondering what are some of the pro's and con's of purchasing a vehicle under my business as compared to personal?
Few that I'm interested in:
Pro: 100% of the vehicle cost is counted as a deductible towards my business
Con: I would have to pay personal property tax on the business vehicle but it seems that the tax rate for personal property and business property is the same for the county I live in (4.57 for each $100 assessed value)