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I am a sub chapter S corp and will be closing my year with
I am a sub chapter S corp and will be closing my year with more cash and less payables than normal. I wanted to get a new truck and use the tax benefits of section 179. I can write a check and not hav… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
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I use a company owned vehicle for personal use. The vehicle
I use a company owned vehicle for personal use. The vehicle is almost 100% personal use. The vehicle is a 2011 Chevy Suburban LTZ. Current value is approx $17,000 to $20,000. How much added income do … read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,734 satisfied customers
This question is in regard to Sec 179 purchase of a vehicle
This question is in regard to Sec 179 for the purchase of a vehicle with a husband and wife business. Background: Husband is the 100% owner of an LLC taxed as an S-Corp and a single member LLC. The wi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
An automobile (less tan 6,000 lbs) is purchased by an S Corp
An automobile (less tan 6,000 lbs) is purchased by an S Corp on 10/15/2015 for 60,000. It is the only Fixed Asset purchased by the Corp in 2015 & is used 70% for business (its depreciable basis is the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
how do you treat a corp owner company provide vehicles for
how do you treat a corp owner company provide vehicles for tax purposes. I'm asking do the owners need anything added to their w2 when the company provides a vehicle… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
If company auto is purchased and its for one of the shareholder-owners,
If company auto is purchased and its for one of the shareholder-owners, can we claim hybrid car tax credit only on particular owner's car/write off any other expenses? Or if we already put it as a fix… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
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
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
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
JD, MBA, CFP, CRPS
Doctoral Degree
17,624 satisfied customers
Hi, I have a LLC single owner business (interior design). It
Hi, I have a LLC single owner business (interior design). It is a disregarded entity therefore I file a schedule C. In September 2013, I finally bought a brand new small company car (I previously used… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,624 satisfied customers
If I own a vehicle that is paid off and my company wants to
If I own a vehicle that is paid off and my company wants to lease my car from me (for $500 a month) since I will be using it for business, do I have to pay taxes on the lease amount that my company gi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,624 satisfied customers
What amount to enter as Section 179 deduction (please compute
What amount to enter as Section 179 deduction (please compute total depreciation) on 2012 personal income tax return (schedule C) for a USED car (not a new car) purchased in June 2012 for $7,xxx? The … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
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
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
I am trying to understand the difference between deductible
I am trying to understand the difference between deductible expenses for s-corps and c-corps. Specifically, which of the following would be taxed more advantageously in a c-corp: 1) lease payments ass… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
I own an S-corporation. Are my auto fringe benefits and company-paid
I own an S-corporation. Are my auto fringe benefits and company-paid health insurance premiums taxable to me when I file my individual return? They aren't showing up on my W-2. If taxable, do I just p… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
want to ask you another question: how to deduction the car
want to ask you another question: how to deduction the car expenses ? if the share holder bought a car mainly for the S-corp company's use, can the entire amount be deducted from the S-corp income? Ho… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,935 satisfied customers
How much money can I spend on personal life insurance, in terms
How much money can I spend on personal life insurance, in terms of PREMIUMS that can be declared as a tax deduction as a sub chapter s corp. Some agents insist that I can deduct up to $50,000.00 yearl… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
I was hired at a company 3 years ago and was given a company
I was hired at a company 3 years ago and was given a company new truck the company and my boss are getting audited now and he told me yesterday that that i may owe back taxes for the company truck ? i… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 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
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Wallstreet Esq.

Wallstreet Esq.

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jgordosea

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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