Is it a requirement that my SUV must be bought under the name of my S-Corp in order to qualify for the Section 179 SUV Tax Deduction?

I don't think that is the case. You could purchase the SUV under your name and then perhaps contribute this vehicle to the S -Corporation as additional basis.

It would be better though, to perhaps purchase the SUV in the S corporation name, but sometimes the S-corporation may not get the financing solely under its name. Hence, it is more efficient and the only way to purchase the vehicle under the Corporate owner name.

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Please refer to the legal disclaimer.

If I atke a deduction for a heavy SUV with sec 179, what expenses can I dedust in following years? Gas, Mileage deduction, maintenance??

Correct, all of these deductions are allowable but prorated againts the business percentage use.

Now, for the depreciation deduction, the depreciable amount is reduced by the $25,000 that was expensed and the balance is then depreciated over the allowable period which is 5 years.

Hi,
Another question, What is the best way to change the vehicle. If one is already in S-Corp name. I have a vehicle under S-Corp. But want to change this vehicle with another one. What will be best way to proceed. Trade in or Sell individually and buy another one.

Thanks