Hi @TaxGuyBill , Why do you say it is not a good idea to use Section 179 to offset my wages and the business has a loss?
I'm a Sole Proprietorship (Schedule C), and this is my first year with the business. I already have a couple of customers and business income, but my business expenses are greater than my business income. I also have a full-time job, and my W-2 wages are at least 8X greater than my business loss. I am planning on buying a Large SUV over 6,000 pounds for business purposes only, and I was thinking of using Section 179, combining my business loss (including 100 % of the car cost) and my other personal job wages, I still have some positive profit at the end of the year. That being the case, would it be better to use section 179? or regular depreciation?
Thanks so much for all your comments and help!
claiming Section 179 will be allowed IF there is other 'earned income' on the tax return (such as W-2 wages).
