For buying a truck-for tax purposes-in my name or business?

[Debra]

Hello!

What is S status? So...I don't need to get a lawyer but an accountant or CPA and not when it comes time for taxes but now. Am I understanding correctly? Also, I need to get incorporated? I've been keeping my gas receipts but I need to be writing down mileage? Thanks for the advise....Debra

 

[Thomas N. Morgan]

Debra,

I can't tell from your posts whether or not your appraisal business operates as a corporation, or as a sole proprietorship, as in Debra ______, d/b/a ABC Appraisal Services, or is it ABC Appraisal Services, Inc. or just what?

My CPA advised me in 1964 NOT to incorporate. I have operated two successive business under my own name from 1964 until the present, and found it most satisfactory.

It sounds like what you need now, and need it desparately, is a good CPA. When I started a little business in 1964, I tried to engage a CPA. The first one said, "Tom, I'll call you". (Of course, you know what that means). The next one said, "You can't afford a CPA." The third one I tried took me on. Because of some contacts I made in later years, I was able to refer some very good clients to him.

So, by all means, get a good CPA. Don't ask the barber, the candlestick maker, or an appraiser, about tax questions.

Thomas N. Morgan
Ocala, FL

 

[xmrdfghap]

What is S status?

Go to
]http://www.irs.gov/pub/irs-pdf/i2553.pdfhttp://www.irs.gov/pub/irs-pdf/i2553.pdf[/color

 

[Bemis Pownall]

I always pay cash for a new vehicle, put it in my name(resale sucks once your vehicle is registered as business)drive the crapp out of them(warranty) will handle any problems. keep track of mileage and do it all over again in 30-35k miles. Anyone interested in a 1 year old high mileage Volvo XC??