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I started a s Corp. I want to buy a heavy truck

I started a s...

I started a s Corp

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I want to buy a heavy truck

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Customer reply replied 1 month ago
I have an s Corp.. I want to buy truck over 6000 lbs. I believe I can write that full expense for the truck off on my sCorp. But I'm not sure how that works with me paying my salary. With sCorp I want to keep salary low as I can. For example let's say I make $100k in my business and pay my salary of $80k. If the truck cost $60k what impact world that have to my taxes.
Answered in 8 minutes by:
3/9/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,995
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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I'll post that in just a few moments. Then, let me know if you have further questions on this.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,995
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Customer reply replied 1 month ago
I would be Financing 50k of the truck. But I think I get full deduction this year for the cost of the truck?
Customer reply replied 1 month ago
Wondering if I should just call.. it's complicated seems to me. What do you think
Customer reply replied 1 month ago
https://www.marketwatch.com/story/heres-a-way-for-small-business-to-save-on-taxes-buy-a-heavy-suv-or-pickup-2016-05-17
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
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WOW! ... I'm so sorry ... someone else asked a question VERY similar to yours and I thought that was you ... Have been trying to answer him ... bear with me one more sec

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First, yes you can deduct the full price, regardless of whether you're financing or not.

...

And what MIGHT happen here is that the business income limit would kick in and you might not get the full deduction the first year (once you've wiped out business profit - taken taxable profit to zero - you can't use the 179 to further reduce any other taxable income that might be on the return (such as income from a spouse or other income))

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Looks likt the call offer expired ... let me see if I can make an offer from my end

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Hi. I'mCustomer I accepted your phone call offer earlier. The site offers phone calls independent of the online taxt Q&A exchange.

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Lane
Lane
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