I'm starting an art and clothing company and bought an old school bus that I'm currently renovating into a mobile shop with storage and displays for inventory and a bed/bathroom so that I can take the bus to art and trade shows across the country. The initial school bus cost was only a few thousand dollars, but the total renovation cost will be about $35 to $40k to have it sufficient for my mobile business. This is not a luxury vehicle purchased for a business. Am I able to write off this entire expense in one tax year or does it need to be depreciated over so many years? I'd like to write it all off at once as I had to take out my pension to cover the cost and would like to make the best use of the writeoff for this tax year. Also, I am purchasing all of the printers, software, and materials needed to get the business up and running. Can this all be written off for this tax year at one time? I haven't filled the llc yet, does this need to be completed this year as well? I imagine it'll take several months to get everything going... into 2022. Since I'm a self employed person and took out the pension for myself (to use for business expenses) is an llc even necessary for the business writeoffs at this time? One more thing... I moved in 2021 and the bus I'm building for my business and have hired a contractor to help with is over 2 hours away from my home. Therefore, in order to work on it, I'm having to rent a hotel to stay nearby. Am I able to write off this as a business expense? There aren't many contractors that can do this type of work and this was the closest one I could find. I'm helping with the renovation to reduce cost.
Please let me know if you have additional questions.
Thank you!
