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Two sisters own a service only business.
10/14/09 8:48 AM, Viewed by asker 10/15/09 10:29 AM
Total Views: 82
Total Views: 82
Can I use both S-Corporation owners' cars as a company expense? Can we pay
our cars with a company check?
All Replies: Answers (1)
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Answer
10/16/09 12:29 PM
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
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