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Business, 12.02.2021 14:00 sonyalehardez

If I am a single member in an LLC and I wanted to write off a portion of my taxes with a car that I use for work, why is only $5000 the limit for me to write off my car expenses? I know that if it exceeds $5000 it will be capitalized, but what does that mean? And what will happen to the company if that does happen?

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