your may be missing out on a big item the EV credit
The following federal income tax credits are available to anyone who purchases a new Tesla Model S:
Federal Tax Credit For Vehicles Delivered
$7,500 On or before December 31, 2018
$3,750 January 1 to June 30, 2019
$1,875 July 1 to December 31, 2019
the S-Corp passes the credit through to the shareholder
the basis of the vehicle must be reduce by the credit before you take depreciation
depreciation is prorated based on business mileage to total mileage as are the any other expenses related to the vehicle .
if you drive from home to the Corp's place of business that's commuting (non-business) mileage
The IRS tends to be strict in its documentation requirements for business mileage deductions. For this reason, you'll need to keep a thorough, accurate mileage log each year you attempt to claim a deduction.
Your mileage log must include the starting mileage on your vehicle's odometer at the beginning of the year and its ending mileage at the conclusion of the year. Each time you use your vehicle for business purposes, you must record the following information:
The date of your trip
Your starting point
Your destination
The purpose of your trip
Your vehicle's starting mileage
Your vehicle's ending mileage
Tolls or other trip-related costs
You can keep a mileage log in a notebook and update it by hand, or use a spreadsheet to continuously track your mileage. You can also use a mileage-tracking app. The key is to update your records regularly to ensure that they're precise. Additionally, the IRS requires you to keep your mileage log for three years from the date on which you file the income tax return containing your deduction.
failure to have proper documentation would put you at the mercy of the IRS agent if the Corp is audited.
the amounts you have below are correct if this is a 2018 purchase. they're slightly higher is 2019 purchase
as you can see an expensive vehicle takes a long time to be fully depreciated
TT calculates the depreciation based on what you enter for date acquired, cost, type of vehicle (A1-auto)
whether you elect out of 100% bonus to 50% bonus or none at all (election applies to all items in that class vehicles are in the 5 year class so if you elect out and have other property you bought in 2018 that is in the 5 year class, the same bonus election will apply to them
since this is the first year you'll have an S-Corp and need to prepare a return for it, I strongly advise consulting a pro to do the first year. I hope your referring to a 2019 first year because if the business started in 2018, the return was probably due 9/15/2019
the pro can advise you of things you may be overlooking such as
how to handle start up expenses
the need to take a salary and file payroll tax returns
perhaps your state requires you to carry workmen's compensation insurance - you are an employee of the S-Corp - no independent contractor status
if first year is a loss any possible limitations of deducting the full loss on your tax return - basis and at risk
if you have medical insurance - how to get a deduction on page 1 of your 1040 rather than as a medical expense deductible only on schedule A
and these are just a few of the things you need to be aware of
