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Q: Corporate business expense ( No Answer,   0 Comments )
Subject: Corporate business expense
Category: Business and Money > Accounting
Asked by: monster1-ga
List Price: $50.00
Posted: 23 Nov 2006 12:55 PST
Expires: 28 Nov 2006 09:47 PST
Question ID: 785120
I have a sub s california corporation. My questions are: I supply my
employees with company cars for business and personal use, is this
deductable? What are the best stratagies for lowering my personal
income tax prior to years end and I could use a list of deductions and
percentages for a sub s.

Request for Question Clarification by keystroke-ga on 23 Nov 2006 18:54 PST
Hello monster1,

I'm not sure exactly what you mean by "I could use a list of
deductions and percentages for a sub s."  Do you mean that you would
like all deductions that you could possibly take?  This would be
prohibitively difficult, and not knowing your individual
circumstances, nigh impossible for a researcher to list.

Could you reword your question to state it more clearly?


Clarification of Question by monster1-ga on 24 Nov 2006 12:32 PST
Sorry, to clarify I just need general information to minimize myself
and my two employee's taxes. Especially for autos: the corporation
leases a Linclon, I use a Benz, and one of my employees has a company
Chrysler Sebring. Together we don't put many miles on the cars for
business or otherwise. Are any of the payments, especially the lease,
a write off?
So basically, I have a small sub-s corp with myself as 90% stock
holder and 2 employees owning 5% each.  The company, this year, has
grown by a factor of 3X's any previous year.  All I really would like
to do is understand what amount of money can be spent on cars,
equipment, retirement plans, and any other deductions you can think
of, and certainly, not avoid paying taxes, just minimizing them for
all of us.
I currently use the services of a CPA, but I enjoy this forum and the
answers I've received in the past.  I realize I haven't given you
exactly what you need, but perhaps it's a basis to work from.
Thank you.
There is no answer at this time.

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