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Deductions & credits
"you don't specify the type of entity the new business will be"
Same as the old one, LLC with S-Corp election
"W-2 income is considered business income for the 179 deduction"
Even if the W2 income has nothing to do with the business? The person that earned the W2 wages is involved in the new business, is this what you mean?
" while you say the vehicle is over 6000lbs there is a 179 limit in 2023 of $28900 for heavy SUVs
while a truck or van over 6000lbs gets the full cost"
SUV's over 6000lb retain the full depreciation though right, not just trucks & vans?
The business is already operational, and the vehicle will be 100% business use - we have our daily drivers
‎December 2, 2023
10:56 AM