Starting to think about getting into the market for a new car for my wife and have a couple tax questions.
I am self-employed and have a Corporation (with S-corp election). I am the only shareholder, etc and my wife does not currently work for me, although she could be my admin if needed.
Is it possible/legal to purchase a car under my corporation for my wife? What would I need to do/bring in order to do that? Are there any tax advantages to doing it that way?
All input is appreciated! Thanks!
I am self-employed and have a Corporation (with S-corp election). I am the only shareholder, etc and my wife does not currently work for me, although she could be my admin if needed.
Is it possible/legal to purchase a car under my corporation for my wife? What would I need to do/bring in order to do that? Are there any tax advantages to doing it that way?
All input is appreciated! Thanks!
