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tax-doctor, Tax Preparer
Category: Tax
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Experience:  Federal, State and local income tax preparation
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Tax questions - if the Company includes income on a Shareholders

Resolved Question:

Tax questions - if the Company includes income on a Shareholder's Form W-2 - personal use of the Company vehicle, does the Company still have to limit the depreciation expense to the business use percentage?
Submitted: 1 year ago.
Category: Tax
Expert:  tax-doctor replied 1 year ago.

tax-doctor : Hello my name Michael and I'll be happy to help you today
Customer:

What is the answer - does the depreciation expense have to be limited to the business % when the Copany includes income on the Shareholder's W-2 for personal use of a copmpany car?

tax-doctor : Yes, depreciation is always reduced to that portion which is for business use
Customer:

Good we have always done this; however, another accountant says no

tax-doctor : Yes, I heard of that myself. Accountants play around with various depreciation methods which often lead to audits
tax-doctor : It's always best to keep things clean and take business only
Customer:

We always keep things clean and for business only.

tax-doctor : Yes! Okay, thanks!
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience: Federal, State and local income tax preparation
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