Thanks for the reply.
I read this, would like to verify if true or not:
"...your Section 179 deduction cannot exceed your aggregate net business taxable income (calculated before the Section 179 write-off). HOWEVER, if you operate as a sole proprietorship, or as a single-member LLC treated as a sole proprietorship for tax purposes, you can count any wages that you earn as an employee as additional business income. If you are married and file jointly, you can also count your spouse’s earnings from employment as well as any self-employment income that he or she may earn. These loopholes reduce the odds that you’ll be hurt by the net business income limitation."
Source: https://www.marketwatch.com/story/heres-a-way-for-small-business-to-save-on-taxes-buy-a-heavy-suv-or...
This was published in 2016 so wondering if this has changed or not.
This would work well for me, as then I could purchase $40k-ish vehicles and take $40k off of my taxable income, saving me about $15k on the cost of each vehicle to start my business.
How can this be verified? Can a CPA knowledgeable on these matters chime in here please? Thanks.
