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I hope this message finds you well. I have a question
Hello Barbara. I hope this message finds you well. I have a question regarding Section 179 as it relates to acquiring new vehicles. We are a SMLLC that elected to be treated as a Sub S corporation for… read more
Barbara
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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
Dr. Fiona Chen
Dr. Fiona Chen
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If I buy a car priced at $30k but under the 6000lb
If I buy a car priced at $30k but under the 6000lb threshold , what is the max amount I can write off for that tax year claiming section 179 bonus depreciation ? $18,000 ? And is it difficult to claim… read more
emc011075
emc011075
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I am wanting to purchase a new vehicle for my business in
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Tax.appeal.168
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In an LLC is it possible for a member to claim a business
In an LLC is it possible for a member to claim a business expense such as a company vehicle as deduction/write off on their individual taxes even if they only have 15% of the business? If it is struct… read more
Lane
Lane
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I have a question about business tax write off of a leased
I have a question about business tax write off of a leased vehicle versus purchased vehicle. I'd like to provide some numbers and get verification I am using the proper calculation methods … read more
DK_CPA
DK_CPA
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I am a member and I live in Chesapeake. My question is
I am a member and I live in Chesapeake Virginia. My question is business tax related. I was audited on my 2015 and 2014 tax returns. (My child's father at the time had a business based in Florida that… read more
James Daloisio
James Daloisio
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I have a transportation business. I have 3 vehicles (cargo
Hi, I have a transportation business. I have 3 vehicles (cargo vans) purchased under my personal name. I lease a vehicle to a person, and provide jobs as well. At the end of the month I calculate how … read more
Lane
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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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My wife is a home health nurse and drives between patient's
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emc011075
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Bachelor's Degree
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Can I purchase an RV, in my name, wife, who wants to
Can I purchase an RV, in my name, for my wife, who wants to open a bakery business, and write the business use off my taxes?… read more
Tax.appeal.168
Tax.appeal.168
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We an S corporation and are purchasing a company vehicle this
We an S corporation and are purchasing a company vehicle this tax year (2014). It will cost about $100,000. Are we better off leasing or purchasing?… read more
Megan C
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Im in CA and about to buy a car and am weighing whether to
I'm in CA and about to buy a car and am weighing whether to lease or buy. The car will be bought or leased through the company I own (I have other cars i can claim for personal use). if i lease, i kno… read more
Robin D.
Robin D.
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I have an S corp, its a computer consulting /staffing business.
I have an S corp, its a computer consulting /staffing business. I am wondering if I can buy a comapny vehicle and write it off for 2012 tax year. I really do need a good vehicle to go and meet clients… read more
Phillip B, EA
Phillip B, EA
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Hello, Myself and another individual are storm chasing
Hello, Myself and another individual are storm chasing partners in Central Kansas. We broker our video/images to media outlets through a brokerage company called KDR Media. My question was if we start… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I an a single member LLC and my questions revolve around purchasing
I an a single member LLC and my questions revolve around purchasing a vehicle and should I put it in my name or in the LLC name if the company is paying for the vehicle. Which is better for tax purpos… read more
BK-CPA
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I just started an online business (a car dealership ...
I just started an online business (a car dealership marketing website). Anyways my question is 2 fold: First, for security issues i just recently started an LLC for the site. So question 1: can i cont… read more
Lev
Lev
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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
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