asked
I have a Single Member LLC that I just requested to be taxed as an S-Corp. I am looking to take advantage of Section 179 and/or Bonus Depreciation for a vehicle that I will purchase this year (2023) and use for the company. The vehicle will be an SUV at or above the 6,000 lb. requirements. My questions are: 1. Must the vehicle be purchased, not leased? 2. Does the vehicle title, financing, etc., have to be in the LLC name, or can it be purchased personally by the single member of the LLC? 3. For 2023, Bonus Depreciation is reduced to 80%. Is there a way to increase this to 100% by leveraging both Section 179 and Bonus Depreciation? 4. Business use will be at least 85%-90%. How can I maximize the deduction?
October 21st, 2024
As a U.S. citizen, how much can I inherit from my parent (a green card holder who passed away outside the U.S.) without paying taxes on a U.S. real estate property in Florida?
April 8th, 2023
My bank account was hacked and I need to provide my new bank account number to Social Security. How can I update my direct deposit information with Social Security?
May 29th, 2024
How can I get my latest taxable income for submitting it to immigration for my visa application?
April 28th, 2023
I filed my tax returns by mail last year and cannot find my copies now. How can I get a copy of my AGI to complete my taxes this year?
August 17th, 2023
I receive only social security, which amounted to $16,920 in 2022. I also received a 1099-C for a debt discharge of $15,829.94. Do I need to file 2022 taxes with the federal and state?
July 4th, 2023