- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
you may want to consult a lawyer. maybe the way to go is to merge the two S-corps, don't know what's in B so don't know if this would be appropriate. there is a thing that many taxpayers miss when they lease a vehicle for business purposes. it's the lease vehicle inclusion that would make a portion of the lease payments not deductible while all lease income would be taxable. there is the question about the need for you to take a salary from the first S-Corp.
read leasing a car starting on page 22 and lease vehicle inclusion on page 3
https://www.irs.gov/pub/irs-pdf/p463.pdf
or consult a tax pro who would be able to discuss all options including the pros and cons of each.
‎July 19, 2022
11:54 AM