Estimated tax tip savings. You can generate hundreds or thousands of dollars of extra tax savings simply by putting the title of your vehicle in the right name—yours or the corporation’s, depending on your situation.
If you operate an S corporation, which is better for your tax deductions—putting the title of your vehicle in your personal name or the name of the corporation?
Believe it or not, this simple choice of title could make a hefty difference in your deductions. That’s about as easy as it gets when it comes to saving taxes or making money. You don’t have to change your business routine one bit. Just sit back and enjoy the extra cash.
So what’s the answer—personal or corporate? The answer may surprise you—and it will definitely depend on your particular circumstances. But the good news is, it’s easy to figure out the most profitable choice for you. Simply follow the ... Log in to view full article.