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I was wondering if it's better to lease a car or buy a car
i was wondering if it's better to lease a car or buy a car for tax deductions … read more
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This question is a separate question on the auto deduction
This question is a separate question on the auto deduction for a sub S corporation and sole sub S shareholder. What is the best way to treat auto expenses when a shareholder uses the car for business … read more
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From 1120 S Corp. Can you deduct reimbursed medical expenses
From 1120 S Corp. Can you deduct reimbursed medical expenses such deductibles not paid by insurance, in form 1120S? If so, what is the treatment in the w-2, form 1120S, and form 1040?… read more
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Scenario: S-Corp single member business considering
Scenario:S-Corp single member business considering purchasing a heavy SUV over 6000 lbs in 2020 - $60K. He could really use the write off in 2020.In 2021, this existing S-Corp is expected to dissolve … read more
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Can C-Corps deduct business mileage? Does the vehicle have
Hi Barbara, can C-Corps deduct business mileage? Does the vehicle have to be owned by the C-Corp if a shareholder is using to conduct business?… read more
Barbara
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I have a car That I use in my business every Day, The car is
I have a car That I use in my business every Day, The car is in my company name. can I get a tax write off on my Vehicle? and if so How much?… read more
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As a Scorp sole shareholder, if the vehicle is on personal
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Starting to get a lot of questions from actors and
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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S corporation that has a single shareholder; what's the
for a S corporation that has a single shareholder; what's the pros and cons for the corporation purchase the auto and have the shareholder drive it, versus the shareholder buy the auto and submit auto… read more
Lane
Lane
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I started an S Corp and am the sole shareholder. I purchased
I started an S Corp and am the sole shareholder. I purchased a car which is used 100% for business purposes. I put down a deposit and took out a loan for the remaining balance. Can the Corporation rei… read more
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Is there a law in Florida that a vehicle used for business
Is there a law in Florida that a vehicle used for business must be titled in the individual owner's name and not the corporation? I was told that IRS will allow a business deduction for the vehicle ex… read more
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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
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I am 1 of 4 shareholders as well as I am employed through the
I am 1 of 4 shareholders as well as I am employed through the company, it is set up as a S Corp. I would rather not use my personal vehicles for traveling to speak with clients as well as day to day t… read more
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Background: S Corp with one shareholder; The Corp. owns a
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Lev
Lev
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How can one take a standard mileage deduction for an owners
How can one take a standard mileage deduction for an owner's use of his personal auto in the conduct of business in an S Corp? Individual used the car in his other Schedule C businesses and allocated … read more
Lev
Lev
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I transferred from a sole proprietor to an S-corp with 100
I transferred from a sole proprietor to an S-corp with 100 percent ownership. The vehicle I had as a sole proprietor was fully depreciated. I did not transfer the vehicle to the s-corp name but still … read more
Wallstreet Esq.
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There are four owners of a S corp, the owner distribution of
There are four owners of a S corp, the owner distribution of stock includes the value of four vehicles as well as cash. The vehicle titles are in each of the four owners names since the S corp is new … read more
Lev
Lev
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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
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