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A friend of mine told me both of his vehicles are owned by
A friend of mine told me both of his vehicles are owned by his photography studio that is an S-Corp. How does that work? Are there benefits for me buying my next vehicle as a company car? Being that w… read more
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quot;For Lane"Starting to get a lot of questions from actors and entertainment people on "Loan Out Corporations". Can you give a bit of the pro's and cons about the tax implications of individuals inc… read more
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I am leasing (I do not have title to the vehicle) an automobile
I am leasing (I do not have title to the vehicle) an automobile (not a truck) in January 2015 in the name of my 100%-owned S Corp and use it 100% for business (I have another vehicle for personal use)… read more
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Lev
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Ok so if I become a share holder of the s corp, the title would
Ok so if I become a share holder of the s corp, the title would be in my name until the truck is paid off? Whose name would it be registered and insured under, the company? Would he have to put commer… read more
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i have an s corporation where one of the owners used a fully
i have an s corporation where one of the owners used a fully depreciated company car 100% for personal use. the value of the car is $7400 and 900 personal use miles and 0 business use miles were drive… read more
Lev
Lev
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I am the sole shareholder and employee of an S-Corporation.
I am the sole shareholder and employee of an S-Corporation. I have a vehicle I leased in my own name, and use a portion of it for business. I maintain mileage logs and all the necessary documentation.… read more
Lane
Lane
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lease or buy a car? I have a C Corp and funds to do whatever...
lease or buy a car? I have a C Corp and funds to do whatever... lease probably keeps more cash available. May have to drive more miles than standard lease allows. Do dealers offer a higher price for m… read more
PDtax
PDtax
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Background: S Corp with one shareholder; The Corp. owns a
Background: S Corp with one shareholder; The Corp. owns a vehicle that the sole shareholder uses and Corp. deducts 100% of all expenses; The shareholder wants the Corp to pay all expenses on personal … read more
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Lev
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I am a sole stockholder of an S Corp. I want to get a new
I am a sole stockholder of an S Corp. I want to get a new SUV car. I was planning on leasing it through my S Corp for 36 months. Then personally buying it at the end of the lease. This way additional … read more
Lev
Lev
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I currently own a business and a personal car, Im trying to
I currently own a business and a personal car, I'm trying to find ways to reduce my tax burden this year, and I'm considering leasing a car purely for business purposes, since our business does a sign… read more
Megan C
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WHAT IS THE INCREASE IN INCOME VALUE FOR COMPANY CAR PLUS ALL
WHAT IS THE INCREASE IN INCOME VALUE FOR COMPANY CAR PLUS ALL EXPENSES? IS IT A PERCENTAGE OF INCOME OF A FIXED VALUE? CAR IS USED FOR PERSONAL USE ALSO. TRYING TO DETERMINE WHAT I AM ACTUALLY MAKING … read more
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Lev
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My wife and I own an S-Corp in California. We are the shareholders
My wife and I own an S-Corp in California. We are the shareholders 50/50. It is a childcare center with over 100 kids. My wife ran the business as a sole proprietor for 10 years. We started the S-Corp… read more
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My wife and I are senior citizens who run a small home based
My wife and I are senior citizens who run a small home based NY state corporation . The company needs periodic access to a car of a truch , but company credit to buy or lease such a vehicle may not be… read more
Stephen G.
Stephen G.
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Are Rental Cars excluded from passenger automobile” depreciation
Are Rental Cars excluded from “passenger automobile” depreciation limitations? Hello. I am building a business model for a single owner LLC car rental company that will purchase outright and then rent… read more
MequonCPA
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Can someone PLEASE give me an illustrative example of how the
Can someone PLEASE give me an illustrative example of how the "Lease Value Rule" (IRS Pub.15B) would work based on the following factors: Vehicle is owned the S-Corporation. ALL vehicle expenses are p… read more
Anne
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Can I lease my personal automobile to my corporation if it
Can I lease my personal automobile to my corporation if it is done through a formal lease or sub-lease?… read more
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S-Corp Automobile expense question Im a shareholder of a
S-Corp Automobile expense question: I'm a shareholder of a two-man S-Corp. We each lease passenger autos personally (under 6000 lbs) and run all expenses through the S-Corp, i.e. lease payments, insur… read more
Anne
Anne
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I started a C corporation in Mar 2006. It became an S corp
I started a C corporation in Mar 2006. It became an S corp in Jan 2007. It continues to operate as an S corp (i.e., educational support services; educational consulting). In completing Form 1120S for … read more
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