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My business partner has started a trucking company three
My business partner has started a trucking company three years ago. He has mortgaged trucks from the bank to operate the business. Shipping rates made it hard for him to stay in black for two years. I… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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I actually have a tax question. NC, individual has sole
individual has sole ownership of 2 LLC companies filing as S-Corp. A truck (over 6000 lbs.) needs to be transferred from 1 company to the other. Title is in correct LLC to be transferred. How can I accomplish this? Can it be transferred with same depreciation information as in the first company? What forms need to be filed? … read more
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S-Corp Tax question: If an S-Corp sells a fully depreciated
S-Corp Tax question:If an S-Corp sells a fully depreciated vehicle (straight line dept, owned 6 years) for $2,000 (thus a $2,000 gain), how does this capital gain get reported to the shareholder? And … read more
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Lev
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Does it matter how to title a vehicle when claiming section
Does it matter how to title a vehicle when claiming section 179 deduction, (single member LLC) … read more
Robin D.
Robin D.
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I am starting a new business. I am wanting to purchase a tow
Hi I am starting a new business. I am wanting to purchase a tow truck for the business at the amount of 8500 dollars. My business partner and I do not have our llc or business account set up yet. Will… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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We started a LLC in June of this year. we have $250K in
we started a LLC in June of this year. we have $250K in capital equipment start up loan. we have put in ourselves $140K of our own money. for 2015 the business will have roughly a net loss of $200K. B… read more
Lev
Lev
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WE ARE AN LLC THAT USED TO BE TAXED AS A PARTNERSHIP. 2012
WE ARE AN LLC THAT USED TO BE TAXED AS A PARTNERSHIP. 2012 WE FILED OUR FINAL PARTNERSHIP RETURN SINCE ONE OF THE PARTNERS TRANSFERED HIS OWNERSHIP TO THE REMAINING ONE PARTNER AND BECAME A SINGLE LLC… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Im starting a car rental business. I want to buy 2 cars to
I'm starting a car rental business. I want to buy 2 cars to start with, and buy them 100% in cash out right. Can I utilize section 179 to deduct the full purchase price of both cars, since they are ca… read more
CFEPro789
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I have a business that is set up as an llc. The depreciation
I have a business that is set up as an llc. The depreciation on my company trucks comes off my net business income right? How is depreciation calculated trucks cost about $8,000 each. Not accelerated … read more
Lane
Lane
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Doctoral Degree
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I am thinking of starting a business before the end of the
I am thinking of starting a business before the end of the year and buying an automobile and other equipment to use in that business. The question is: Could I get business deductions that would reduce… read more
Jax Tax
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This is federal income tax question for 2011. I am a self
This is federal income tax question for 2011. I am a self employed farmer. I am building a new machine shed which will be complete in 2011. The shed will be depreciated 100% under the "bonus depreciat… read more
CGCPA
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I am considering starting a business and am wondering about
I am considering starting a business and am wondering about how to structure things so as to maximize write offs on any capital expenditures I might incur. This is something that might need to happen … read more
CGCPA
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A question regarding Section 179 depreciation for heavy SUVs Our
A question regarding Section 179 depreciation for heavy SUVs: Our small Schedule C business has a heavy SUV that is used 90% for the business. This SUV is fully depreciated and has to be replaced. A n… read more
jgordosea
jgordosea
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LLC Partnership bought a used pickup truck for 100% use in
LLC Partnership bought a used pickup truck for 100% use in the business in 2009 for 5,000. How much depreciation can be taken in 2009 and where on 1065 forms (179 expense?)? I understand that use and … read more
Anne
Anne
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This year my wife, and grandson started a LLC with chapter
This year my wife, and grandson started a LLC with chapter S option. There will be apx. $40,000 in profit to divide 70-30% between the two owners. If they purchase a partcle of land for $38,000, owned… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I have an LLC (cabinet construction) formed 03/07 thinking ...
I have an LLC (cabinet construction) formed 03/07 thinking of a 1020s. My wife is also listed on the formation papers of the llc as a managing member/organizer with me. I grossed $7330, have extensive… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
The owner of the company wants to buy a new car. I was ...
The owner of the company wants to buy a new car. I was told I could expense $17,000 of the cost. Then someone else said the threshold was $15,000, someone else said $20,000. Which is it? What I''m pla… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My wife and I started a photography business this year. We ...
My wife and I started a photography business this year. We are seup as an LLC. I am wondering how to deduct/depreciate my equipment purchases. We have several thousand dollars worth of equipmet that w… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,808 satisfied customers
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