Incorporating a business is a great way to deduct everyday expenses from your income. With extra cash and lots of travel time, athletes almost always splurge on vehicles. Structured properly, these luxuries can help save you some serious tax dollars.
Unfortunately, Uncle Sam doesn’t consider a luxury vehicle much of business necessity. The IRS limits the amount of depreciation you can take on these assets each year to keep from subsidizing a lavish lifestyle. While the depreciation is limited, there are several ways to still maximize deductibility.