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Answered in 22 minutes by:
6/29/2015
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 29,126
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
VerifiedHi,
Yes it can be done either way.
If the company truly owns the car, then it must be titled in the company’s name. This might be a challenge with car loans and leases, but for the company to claim it as an asset and subsequent expenses the title needs to be in the LLC or S-Corp’s name.
You could also You Own the Vehicle, Get Reimbursed By The Mile, by your S-Corp.
Sometimes this is the best option. You own the vehicle yourself and turn in expense reports in the form of mileage logs. You could also use a smartphone app to keep track for you.
The company would then reimburse you.
You'd be reducing the net income of your company, and if you are an S-Corp the lower income would support a lower amount of reasonable salary you must take as am employee/shareholder.
Also, if this is not a new car, most older cars operate significantly less than the Federal mileage rate (taking the mileage rate deduction here, rather than the actual use deduction, maximizes your deduction).
So, yes, the vehicle can certainly be in your name. It's the time that you USE it for business (likely 100% here?) that drive the deductions.
Let me known if you have questions ...
lane
Yes it can be done either way.
If the company truly owns the car, then it must be titled in the company’s name. This might be a challenge with car loans and leases, but for the company to claim it as an asset and subsequent expenses the title needs to be in the LLC or S-Corp’s name.
You could also You Own the Vehicle, Get Reimbursed By The Mile, by your S-Corp.
Sometimes this is the best option. You own the vehicle yourself and turn in expense reports in the form of mileage logs. You could also use a smartphone app to keep track for you.
The company would then reimburse you.
You'd be reducing the net income of your company, and if you are an S-Corp the lower income would support a lower amount of reasonable salary you must take as am employee/shareholder.
Also, if this is not a new car, most older cars operate significantly less than the Federal mileage rate (taking the mileage rate deduction here, rather than the actual use deduction, maximizes your deduction).
So, yes, the vehicle can certainly be in your name. It's the time that you USE it for business (likely 100% here?) that drive the deductions.
Let me known if you have questions ...
lane
Again the S-COfrp does NOT cover you ... that's why ai almost ALWAYS recommend startin with the single member LLC... runs just LIKE the Solw Proprietorship, but with that corporate liability wrapper around it..All the S-Corp does is require a lot more administrative overhead ... setting up a payroll, quarterly payroll tax returns, paying -in FICA etc, etc.The LLC ... none of that
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 29,126
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
VerifiedLane and 87 other Finance Specialists are ready to help you
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