Two sisters own a service only business.
Can I use both S-Corporation owners' cars as a company expense? Can we pay
our cars with a company check?
499
323
c9rWnkUnGr3QjyacfA8pyY
10/14/09 8:48am PDT
Viewed by asker 10/15/09 10:29am PDT
Viewed by asker 10/15/09 10:29am PDT
1 Reply
CopperCanyonTax
Questions asked: 2
Questions answered: 648
Points earned: 1779
Questions answered: 648
Points earned: 1779
Allstar
Advisory council of community power users.
10/16/09 12:29pm PDT
Latest post
Unless your cars are owned by and within the S-Corp, the company does not pay expenses related to the autos. You can reimburse yourself for business mileage on your personal vehicle. The current rate is .55 per mile. If the vehicles are business owned, then yes. all expenses and depreciation. You do need to consider the tax consequences of using the business vehicle for personal use.
Marc Barnes
Find me on LinkedIn
Marc R Barnes
Copper Canyon Tax and Financial Services
coppercanyontax.com
Copper Canyon Tax and Financial Services
coppercanyontax.com
