Estimated tax tip savings. Even though you may have purchased one or more business vehicles in your own name, you can still save tens of thousands of dollars in taxes with the clever use of business deductions like Section 179 expensing and bonus depreciation.
Suppose you own an S corporation. Suppose further that last year you purchased in your personal name a new SUV or pickup truck for use in your business. This creates a problem. How do you get your rightful business deductions?
The taxman takes enough of your money already. You don’t want to lose out on last year’s 2014 business deductions such as Section 179 expensing, which allows you up to $500,000 of deductions, and/or bonus depreciation, which can add even more in deductions.
Good news: Tax law lets you put property in your name, move the expense to the corporate books, and get the full benefit of business deductions for that property.
To take advantage of these tax breaks, you’ll want to be sure you attend to a few critical ... Log in to view full article.