How Do Wealthy Individuals and Corporations Exploit Equipment and Luxury Deductions!? Pt 3

In this section, we learn about Section 179 and how it helps businesses of all sizes afford the cost of big asset purchases. By using Section 179, companies can deduct the total cost of capital expenditures immediately rather than recovering those costs over the life of the assets or with depreciation over time. This strategy is viral among wealthy individuals and asset-rich operations under a corporate umbrella who apply these rules to use lavish personal perks and benefits over and above small business owners that use them. Additionally, we learn that all vehicles qualify for Section 179. There are some substantial tax deductions if the vessel is loosely utilized for a legitimate business purpose, such as chartering sightseeing tours or as a second home.

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This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon.
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https://www.irs.gov/publications/p946