S Corp Loss Passthrough
I have been reading the tax code, and I cannot figure out how to pass some expensies though to shelter my personal income. I was hoping you could give me some hints.
Scenario:
First year S Corp.
amoritized startup costs over 60 months
some standard expenses
deductions with 179 election for equipment.
The last part is where my question comes from. I had to purchase some computer equipment for the business. It is 100% business related. I would like to expense this stuff and pass the loss down to my income. Am I wrong for entering this in depriciation with a 179 election? Can I expense it? Total cost was 15,000.
Thanks in advance
You will probably have to depreciate the computer equipment,I have never been able to expense computers. Ask your accountant.
Forgive my ignorance, but how do I pass even depriciation through to my personal income?
What about improvements to the computers? Additional components bought after the original machine?