Having said that:

You already can deduct all legitimate expenses related to any money making venture you are involved in, real estate or otherwise. You don't need a corporation to do it. You want to have your vehicle expenses tax deductible? Keep records (a mileage logbook) of your vehicle use and expenses, then deduct the portion you use for your business at tax time.

Meals are only 50% tax deductible (IF they have a legitimate business purpose!) and trips are only tax deductible if you actually are taking them for a legitimate business reason. (E.g. a shareholder meeting with you and your wife in Las Vegas is probably NOT going to cut it). By the way, I also would be very careful about putting vehicles in a corporation if I were you. If it is deemed that these vehicles are available for your personal use, you could be hit with standby charges, which are VERY expensive.

The best advice is for you to talk to a professional tax advisor and tell him about your business and what you want to accomplish. He then can instruct you and the best way to arrange your affairs.

Modified by darren bird at Sat, Feb 05, 2005, 16:25:50