I own two entities registerd in the state of Florida.
- One is S-Corporation meant to develop mobile apps for corporate clients.
- The other is a tax-exempt entity (not 501c3 yet, not sure when, maybe next year) for educational mobile apps for minors.
Any equipment or assets I need to buy for the tax-exempt organization and its operation, I'm funding it through my S-Corporation directly. I'm planning to buy a vehicle for the entity for its official use which is about 50-60K, what are the tax implications on it.
What is the best way to approach this in context of expense category (S Corp) and applicable taxes to it, in other words how should I best manage it?