Can I Take The Section 179 Personally?

I am buying about $200,000 worth of equipment. Can I take the benefit on my personal taxes and derive more of the benefit that I could otherwise through my corporation.

Maybe, however, why not keep it simple, take the deduction at the corporate level and reduce your w-2, therefore getting the benefit on the personal return. I guess I’m not seeing why you'd want to jump through more hoops to arrive at the same bottom line?

If you need to borrow money from the corporation to supplement your income, do that. Just make sure you document everything and seek advice from your CPA and\or attorney.

This post first appeared on DentalTown.

Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com

For more information or to sign up for our newsletter, please contact arose@dentalcpas.com

Follow us on Twitter, Facebook and Pinterest