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USTaxAdvising
USTaxAdvising, Accountant
Category: Finance
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I have a question. I have a new construction company and am

Customer Question

I have a question. I have a new construction company and am looking for various tax right off that I can use to help off set income. What are some things I can do to deduct taxes on my income tax? I am also selling a house primary residence this year.
Jimmy
Submitted: 1 year ago.
Category: Finance
Expert:  USTaxAdvising replied 1 year ago.
Hello,
Buying a new vehicle could provide you with a good tax deduction via IRC 179. Note that if you purchased new tools or other equipment, these purchases would also generally qualify for the IRC 179 deduction. See link here for additional information on the IRC 179 deduction - http://www.section179.org/section_179_vehicle_deductions.html
Are you operating your new business as a sole proprietor or as an S-corporation? I think that the S-corporation is by far the best structure to operate as a sole business owner. The structure provides is much more favorable from a U.S. federal income tax perspective. Here is a very good matrix that I refer to often - http://www.companiesinc.com/incorporate/entity-comparison-chart.asp
The other often overlooked deduction is the business use of home deduction. See link here for more information on that - http://www.irs.gov/taxtopics/tc509.html
I hope this provides some more information for you to increase your tax savings.
Best regards

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