I own a S Corp and I want to purchase a Tesla Model X for $115000 under my name and I want to use Bonus Depreciation for this year. Please write out a plan to assure I maximize my deduction for this year
To maximize your deduction for the purchase of a Tesla Model X under your S Corp, you can follow these steps: 1. Determine if the Tesla Model X qualifies for bonus depreciation: Bonus depreciation allows businesses to deduct a percentage of the cost of qualifying assets in the year they are placed in service. Currently, the IRS allows 100% bonus depreciation for qualified property, which includes new and used vehicles. 2. Confirm the business use percentage: To claim the deduction, you must use the vehicle for business purposes. Calculate the percentage of business use by dividing the number of miles driven for business by the total miles driven during the tax year. 3. Calculate the maximum deduction: Multiply the cost of the Tesla Model X ($115,000) by the business use percentage. For example, if the business use percentage is 80%, the maximum deduction would be $92,000 ($115,000 * 80%). 4. Consider Section 179 deduction: In addition to bonus depreciation, you may also be eligible for a Section 179 deduction. This deduction allows you to expense a portion of the vehicle's cost in the year it is placed in service. For 2021, the maximum Section 179 deduction is $1,050,000. Consult with a tax professional to determine if this deduction is applicable to your situation. 5. Consult with a tax professional: Given the complexity of tax laws and regulations, it is advisable to consult with a tax professional who can provide personalized advice based on your specific
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