How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year 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 1 year ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.