Capital Gains and Losses

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Submitted: 3 years ago.Category: Capital Gains and Losses
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5/21/2015
Tax Expert: USTaxAdvising, Accountant replied 3 years ago
USTaxAdvising
USTaxAdvising, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 1,237
Experience: Professional in capital gains and finance related questions
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Customer reply replied 3 years ago

Thanks I was woundering about tax deductions for a new construction business. Like a new vehicle, fixing up an office, buying equipment. Things like this. What type of things can I deduct? Your advice would be appreciated.

Jimmy

Tax Expert: USTaxAdvising, Accountant replied 3 years 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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