Client's business operated as a Sole Proprietorship through 05/30/16, generating $260,000 in net profits.
On 05/31/16, TP formed an LLC electing S-Corp taxation and proceeded to operate the same business with the new structure, generating 2016 profits of ~$100K after his salary.
On 03/31/16, TP purchased a Tesla Model...
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Please help!Complicated Auto Depreciation for Mid-Year Sole Prop to S-Corp Conversion
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Client with Corporation - paid for all auto expenses out of personal account
My client paid all his auto expenses out of the personal account not the corporate account. His automobile is registered in his personal name and is not a corporate asset. He used his auto about 70 - 80 % business use. I'm looking for recommendations on how to deal with getting the auto deduction on his corporate tax return.