“Any change, any loss, does not make us victims.

My 2cents cut your loss and pays him.Joe Gore

Gotta go pick up food for my daughter's class Christmas Party, then pick wifey up to go there.

Just a heads up you cannot create a loss (with the Truck purchase as a 179 deduction) in the S-Corp.BUT it can eliminate all profit(s) then the balance of the truck needs to be depreciated.

And it sounds as if you'd need a few years to build up your cash reserves before investing further anyway, so no loss there.

After itemizing and realizing the loss in the business, I should have a tax credit of around 30k The short term is = 10% * 17,850 + 15% * (50000-17,8500) = 6,900 The long term is = 15% * 200,000 = 30000 So after my tax credit I should owe the fed less than 10,000 State will be 250,000 * 6.8% = 17000 So my total hit will be around $25,000 Did I do this correct?

Cut your losses and move on.

It's very scary, but it will very likely be fine.Issues after the exposure are short-term memory loss and difficulty concentrating.

Just a some food for thought.

Yes, even the person manning the drive-thru at the local fast food joint is representing that company.So, for me, it was simply an indicator of their inability to use good judgement.