[quote]pittbulll wrote:
I bet if you add up the write offs HD gets that Paul does not ,it would be 10s of percents
[/quote]
You would lose that bet, over and over. I can explain it to you why, but you’ll ignore it. [/quote]
explain to me why a new truck would be any less necessary if I am an s corp or an employee
Why should I be able to write it off in one situation and not the other
I will not ignore an anwer[/quote]
The S Corps. truck belongs to the company or a specific shareholder. The % of business related activity is what is deductible.
The employee does not use their vehicle for business activities. Yes he uses the truch to get to work, but that is not a business activity. You don’t get paid to drive to work, but if you use your personal vehicle for a business related activity you can get reimbursed. For example, mileage to the airport for a business trip.
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
Same reason Tiger Woods was invited too, and attended the inauguration of Obama… but did not attend the crowning of the new Monarch of Thailand, even though he refers to himself as “Cablinasian” an abbreviation of Caucasian, Black, American Indian, and Asia.
Appearances bro…to the media, he is 100% black. Same as Obama.
[quote]pittbulll wrote:
I saw a huge advantage on taxes to be that Corp . It was the write offs . [/quote]
You got to take advantage of the same deductions when you filed sch c verse an 1120S.
Absolutely there are tax advantages to forming an S-Corp rather than remain a sole proprietorship, however those advantages don’t lie in additional deductions. It is the transfer of capital that makes the rubber meet the road.
[quote]pittbulll wrote:
I bet if you add up the write offs HD gets that Paul does not ,it would be 10s of percents
[/quote]
You would lose that bet, over and over. I can explain it to you why, but you’ll ignore it. [/quote]
.
explain to me why a new truck would be any less necessary if I am an s corp or an employee[/quote]
It wouldn’t, and I never said it would. Necessity was never part of the conversation.
This also has nothing to do with what you quoted.
[quote]Why should I be able to write it off in one situation and not the other
I will not ignore an anwer[/quote]
It isn’t whether or not that you should be able to deduct miles, repairs, depreciation, etc, it is a matter of if it even benefits you to do so.
The only part of a vehicle that is deductible is business use. Not commute, not the trip to the local weed dealer, trips from the office to the job site and back. That is it. Your employer should reimburse you for business use of your personal vehicle. Mine does and I’m a CPA.
[quote]pittbulll wrote:
I bet if you add up the write offs HD gets that Paul does not ,it would be 10s of percents
[/quote]
You would lose that bet, over and over. I can explain it to you why, but you’ll ignore it. [/quote]
.
explain to me why a new truck would be any less necessary if I am an s corp or an employee[/quote]
It wouldn’t, and I never said it would. Necessity was never part of the conversation.
This also has nothing to do with what you quoted.
[quote]Why should I be able to write it off in one situation and not the other
I will not ignore an anwer[/quote]
It isn’t whether or not that you should be able to deduct miles, repairs, depreciation, etc, it is a matter of if it even benefits you to do so.
The only part of a vehicle that is deductible is business use. Not commute, not the trip to the local weed dealer, trips from the office to the job site and back. That is it. Your employer should reimburse you for business use of your personal vehicle. Mine does and I’m a CPA. [/quote]
you did not answer the question. Of course it would be a huge advantage if everyone could write of the cost of their vehicle over a given amount of years. We can already write off the expense
I did, you just don’t like the answer because it doesn’t fit into your preconceived notions on a subject you don’t understand.
You cannot deduct the business use of your vehicle unless you form a business and have (what eventually amounts to) self employment income. Self employment income requires you to pay the other half of FICA that your employer “pays” currently. (You technically pay it, but don’t see the money come out of your check, but it is part of your salary when employment consideration is made.) That additional tax of 5-8% depending on income levels, comes off the top and will eat into any advantages you may think you had for being able to deduct the expenses and costs of the vehicle.
The deductibility doesn’t always work in to the advantage of an entity that can deduct the costs of a vehicle. It will vary depending on the situation.
The whole point is moot anyway, because cash flow is what matters, not tax bills. I’ve seen over and over, and described over and over situations where people with higher tax bills actually have better cash flow than those who “lower” their tax bills.
Taxation of income should only be one part of the strategic wealth management plan. Yes you want to minimize your tax bill, but not at the expense of cash flows. I did the math last time you ran around with your truck fallacy about how it would hurt your cash flow to deduct it. Find that thread and re-read that post.
Oh good lord. If you’re going to start whining about how individual taxation isn’t fair compared to business taxation, I don’t even know if I have the patience for it.
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
I thought it was because he was a Muslim?
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
I thought it was because he was a Muslim? [/quote]
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
I thought it was because he was a Muslim? [/quote]
Lets also add that he was born in Kenya…
[/quote]
Donald Trump thinks so. We’ve done the birther movement before, but…
I know, I know (left wing, liberal lies, socialism, etc)
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
I thought it was because he was a Muslim? [/quote]
Lets also add that he was born in Kenya…
[/quote]
Donald Trump thinks so. We’ve done the birther movement before, but…
I know, I know (left wing, liberal lies, socialism, etc) [/quote]
I think Zecarlo got my humor. I guess it went over your head H.
Why is it that the reason Conservatives hate Obama because he is Black? Why can’t the argument be we hate him because he is White?[/quote]
I thought it was because he was a Muslim? [/quote]
Lets also add that he was born in Kenya…
[/quote]
Donald Trump thinks so. We’ve done the birther movement before, but…
I know, I know (left wing, liberal lies, socialism, etc) [/quote]
I think Zecarlo got my humor. I guess it went over your head H.
[/quote]
I assumed the … we’re in addition to being Muslim. My bad
