Submitted by ajayv on 15. Juni 2013
I've tried hard and long with no luck to find answers for taking depreciation deductions (Section 179). I'm sure others have done this. Pls share your thoughts.
1. I am 100% shareholder of an S Corp.
2. I will be using the car for 80% business use.
3. I will be taking the 179 deduction as mileage is not huge for me.
1. Should the S Corp own the car or can I purchase the car personally?
2. If S Corp owns the car, will I need commercial auto insurance? How much more expensive is it than a personal one?
3. What is the impact on yearly tags in CA?
4. Any issues in financing? Alliant seems to have great rates but I'm not sure if they finance cars which are held in the name of a corporation.
Thanks in advance.