I am trying to see if its possible to file tax together for W2 + Business (Sole P - Single owner)
Details:
Tax year 2022, Permanent resident, State : California
I and spouse(Married filing jointly) will get W2's for 2022, say for total X amount.
I have EIN and Sole Proprietorship business, which started this year in 2022
For 100% business use i brought two vehicles in 2022 (GVWR > 6K lbs) and 1 sedan car (< 6k lbs)
For personnel use i have another suv, apart from above.
I have very less business income this year as i recently started it, (say business income for 2022 = Y)
I am trying to use full bonus deprecation on the two business vehicles i brought this year, and up-to 18K(max allowed limit, i believe) for the car as all three vehicles are for business use only.
My questions :
Would i be able to combine the W2 and Business income i.e. X+Y in same filing, and use the 179+bonus 100% deduction on business vehicles for federal filing, would it help to reduce total AGI with 100% full bonus deduction for business vehicles?
I am in California, looks like state only allows up to $25K deduction in year 1 on business vehicles, is it per vehicle or total ?
what forms would be needed to use while filing, can your firm can file for me ?
Anything else i need to be aware of on the rules/requirements related to above scenario, if you can share links would be helpful
Appreciate your help and suggestions !