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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 718
Experience:  Certified Public Accountant
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My husband is a shareholder/owner in an s-corp...we would

Customer Question

my husband is a shareholder/owner in an s-corp...we would like to lease one of our financed vehicles to the will be 100% used for business. It will be used by employees of the company for business purposes (not necessarily by my husband). Can we deduct the mileage from our personal income taxes?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: not sure
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. You could deduct the miles but it would be done at the S-Corporation level. The S-corporation could use either the actual expenses or the standard mileage rate. The actual expenses would consist of the lease payment as well as gas, repairs, tires, car wash etc. You would report the income on a schedule C. You would be able to depreciate the vehicle.

Expert:  Mark Taylor replied 2 months ago.

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