I am a single member LLC being taxed as a S Corp.
I purchased a BMW X6 that qualifies for the Section 179 deduction since its over 6,000 gross LB.
I will be using the vehicle about 75% for business related purposes, 25% for personal.
I read on some forums that I could still take the Section 179 deduction but the correct way is to reimburse myself from my own company. May anyone help me clear this up? Is this correct? And if so, how would I reimburse myself? From my understanding, I will need an accountable plan. The car is being financed for a total amount of $22,000 after I put a $13,000 cash down payment.
Do I reimburse myself for my insurance cost as well?
Do I send myself a monthly reimbursement from my payroll? Or do I send it all at once? Any help would be greatly appreciated!
