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How to have more #Money @eltriunfocorp

#goodfriday @eltriunfocorp

Are you considering buying a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. New and used heavy SUVs, pickups and vans acquired and put to business use in 2021 are eligible for 100% first-year bonus depreciation. However, you must use the vehicle more than 50% for business. If your business use is between 51% and 99%, you can deduct that percentage of the cost in the first year the vehicle is placed in service. This tax break is available only if the manufacturer’s gross vehicle weight rating is above 6,000 pounds. Consult with us to help evaluate if this is the right move for your business.

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business. A big advantage of an S corp over a partnership is that as an S corp shareholder, you won’t be personally liable for corporate debts. If you expect the business to incur losses in its early years, an S corp is preferable to a C corp from a tax standpoint. C corp shareholders generally get no tax benefit from such losses but S corp shareholders can deduct their percentage share of the losses on their personal tax returns to the extent of their basis in the stock and in any loans made to the entity. Contact us to learn more.

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