fp_accounting_s ervices
Level 1
12-05-2023
03:45 PM
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Client has a Youtube and social media channels dedicated to cars. All running under the umbrella of an S Corp and this is the primary income. He creates car content videos. (think reviews, test drives, social media entertainment). He plans to buy a car in 2024 which will be used primarily to create content about it. The content will generate revenue but it's unclear how much is directly related to that particular asset. Should he buy the car under the S Corp as an asset? Are there any red flags for the IRS? Are there any advantages? This is a car that costs around $120K.