If you are considering purchasing a car for your business, there are several factors to consider. One of the most important factors is whether the car will be used solely for business purposes or if it will also be used for personal purposes. If the car will be used for personal purposes as well, then you may not be able to deduct the full cost of the car as a business expense.
Another important factor to consider is the method of financing the car. If you purchase the car in your personal name and then "rent" it to your business, you may be able to deduct the rental payments as a business expense. However, this can be a complex arrangement and more of a headache than you want to set yourself up for.
In terms of selling the car, if you sell it while it is still titled in your name, you will be responsible for any taxes or liability associated with the sale. However, if you sell the car after transferring the title to the business, the business will be responsible for any taxes or liability associated with the sale.
Buying a car through your business can be a smart financial decision if it will be used primarily for business purposes. However, it may be challenging to justify the expense in the eyes of regulatory agencies, especially for therapists who work from home and are fully remote. Most therapists are often better suited to write off business expenses associated with their personal vehicle when it comes to tax time.
Ultimately, the decision to purchase a car for your business will depend on your specific circumstances and needs.