sep deduction for an S corporation with loss

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  • Snaggletooth
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    If you have a loss, you should not be able to take s.179 depreciation. It can exist, but should not give rise to a deduction in the current year. Would have to roll it forward.

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    • TaxGuyBill
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      Is the $140,000 of W-2 income from the S-corporation? Or is that from some other job?

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      • ALMULTISVS
        started a topic sep deduction for an S corporation with loss

        sep deduction for an S corporation with loss

        client has a 140K w-2 income , makes $3500.00 contribution to a sep plan and have about $7200.00 deduction for sec 179 as well and no basis . can he still deduct those expense? or all losses will be suspended?
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