Use expenses from scorp to lower my w2 taxes from regular employer

[robglobal]

I am planning to open my own scorp this year, and I would like to buy a new company truck for this business. Can I use this expense as section 179? And when I file at the end of the year, can it reduce the taxes that I have paid from a W-2 with my regular employer? So I would have two sources of reported income, the W-2 with my regular employer, and 1099 with my s Corp. But I want to know if I can use the expense of my truck from my personal business to be deducted from any taxes I paid with my regular employer.

[AmeliesUncle]

The direct answer is:  Not really.

The better answer is:  You need to go to a good tax professional that is experienced with corporations.

The long answer is: 

• Why do you want the business to be taxed as an S-corporation?
• Will you own the truck or will the corporation own the truck?
• Section 179 can likely be used, but there are limits.  Two major limits are (1) it is limited to your business income and (2) if it is less than 6000 pounds the deduction is limited.
  • The limitation to your business income is what will likely result in that Section 179 will only offset the income that you receive from the corporation, not offset income from your other job.
• You mentioned a 1099, but you would not receive a 1099 from the S-corporation.  You would be an employee of the corporation, which involves a W-2, quarterly payroll filings (and maybe short-time deposits), federal unemployment, state unemployment, and maybe other state filings.   You would also receive a K-1 from the corporation.  That is in addition to the completely separate income tax return for the corporation.
• You really need to go to a good tax professional that is experienced with corporations.  This is not a DIY project, especially for the first (and last) year.