Kenneth P. asked
I just incorporated a new HVAC/R business in Key West, Florida (S corp) and purchased a new Nissan NV 2500 truck. I am familiar with tax code 179 allowing full deduction in the year it was purchased and put into service. I am the only employee and I'm financing this business startup myself so far. I had worked all of 2015 for an existing similar company here. How can I show this obvious business loss, which directly affects its sole stockholder, in such a way that I may increase my personal tax return from withheld 2015 paychecks?
May 11th, 2023
Mathew K. answered
To show a business loss that affects your personal tax return, ensure that your business income is l...
May 11th, 2023
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