Purchase the truck on my name or the company's name?

I bought a semi last year and lease it to a company, my accountant told me to put truck in my llc's name for liability reasons, and he files me under s corp when april 15th comes, i couldn't write off my loan payments but what u can write off is the depreciation value of vehicle, i think u can write it all off in 1st year if u wanted or split it up into 3 or 4 years which is route im going

 

What does your accountant suggest to do?

 

You would have find out what depreciation schedule is if their is one. You can only write off the price you pay for the truck. Plus the loan interest. But the loan payments have nothing to do with it.

I don't believe a s cop will protect you in any legal way from accident or much. If in accident or anything goes wrong they will sue two people the S Corp and the driver. That would be you in both situations. When a big mega trucking company get sued they can go after the driver and the S Corp. They can't go after the owner of the trucking company because he was not driving. So they sue his trucking company since that were the money is. So you would need lots of insurance

 

I doesn’t matter who owns the truck, you just have to prove what % you use for business. Then you figure what write-off route you want to go after that.

 

If a 'company' is leasing a truck on with our company, the lease and registration have to be in the company name.

 

But not the title. The registration is the plate, the lease is a contract. The plate can come from anywhere. If the owner is leasing with a carrier, the lease is not in the carriers name, it is in the owner's name.

 

When the owner and driver are the same and he has a tax number and an LLC; the lease is in the name of the LLC [yeah I know about that LLC thing, NJ seeking misclassified employees is using the Cali ABC test instead of the IRS 20 questions so we may be having them all convert to 'S' corporations which will, ironically, still end in LLC]