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I have an LLC thats classified for tax purposes as an
I have an LLC thats classified for tax purposes as an S-Corp. I use my personal vehicle for business and kept a log. I have 8216 business miles, how do I account for this on the 1120S? Or should it be… read more
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I am an employer and I would like to give me employee a pick
Hi,I am an employer and I would like to give me employee a pick up truck. The truck will be for my company benefits (meaning is a working equipment) for during the business hours. However, the employe… read more
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If you have an s corp and are leasing 3 vehicles (one for
If you have an s corp and are leasing 3 vehicles (one for each owner) what is the tax deduction you can take when filing taxes?… read more
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A friend of mine told me both of his vehicles are owned by
A friend of mine told me both of his vehicles are owned by his photography studio that is an S-Corp. How does that work? Are there benefits for me buying my next vehicle as a company car? Being that w… read more
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I use a company owned vehicle for personal use. The vehicle
I use a company owned vehicle for personal use. The vehicle is almost 100% personal use. The vehicle is a 2011 Chevy Suburban LTZ. Current value is approx $17,000 to $20,000. How much added income do … read more
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Lane, I would like to offer a company car to few of our
Hi Lane, I would like to offer a company car to few of our employees. Can you please clarify if mileage records need to be kept if we go with either commuter rule or Lease Value Rule. I read thru IRS … read more
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how do you treat a corp owner company provide vehicles for
how do you treat a corp owner company provide vehicles for tax purposes. I'm asking do the owners need anything added to their w2 when the company provides a vehicle… read more
Lev
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Steps involved for corp to keep ownership of vehicle & include
Steps involved for corp to keep ownership of vehicle & include personal use in S/h's (owners only) on W2. How do I calculate this amount that needs to be included on Box 1. I assume this will be taxab… read more
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If company auto is purchased and its for one of the shareholder-owners,
If company auto is purchased and its for one of the shareholder-owners, can we claim hybrid car tax credit only on particular owner's car/write off any other expenses? Or if we already put it as a fix… read more
Lev
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i have an s corporation where one of the owners used a fully
i have an s corporation where one of the owners used a fully depreciated company car 100% for personal use. the value of the car is $7400 and 900 personal use miles and 0 business use miles were drive… read more
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If I own a vehicle that is paid off and my company wants to
If I own a vehicle that is paid off and my company wants to lease my car from me (for $500 a month) since I will be using it for business, do I have to pay taxes on the lease amount that my company gi… read more
Lane
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I have an S corp, its a computer consulting /staffing business.
I have an S corp, its a computer consulting /staffing business. I am wondering if I can buy a comapny vehicle and write it off for 2012 tax year. I really do need a good vehicle to go and meet clients… read more
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I need to charge for personal usage of company owned auto.
I need to charge for personal usage of company owned auto. What is the IRS calculation for this?… read more
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WHAT IS THE INCREASE IN INCOME VALUE FOR COMPANY CAR PLUS ALL
WHAT IS THE INCREASE IN INCOME VALUE FOR COMPANY CAR PLUS ALL EXPENSES? IS IT A PERCENTAGE OF INCOME OF A FIXED VALUE? CAR IS USED FOR PERSONAL USE ALSO. TRYING TO DETERMINE WHAT I AM ACTUALLY MAKING … read more
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Starting January 1st, my company changed our fringe benefits
Starting January 1st, my company changed our fringe benefits on the company car we drive. We know how to document the use of the vehicle to and from job sites, up to 45 miles each way as personal. Any… read more
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Our S-corp bought a car in 2009 for $10,000. Business use is
Our S-corp bought a car in 2009 for $10,000. Business use is 75%. We use actual cost, not the standard mileage rate. Can we deduct the whole $10,000 as a vehicle expense for 2009; or just $7,500 (75%)… read more
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I am having difficulty deciphering IRS Publication 15-B on
I am having difficulty deciphering IRS Publication 15-B on the taxability of a fringe benefit: How should we treat the reimbursement of company use for an employee's personal vehicle for tax purposes?… read more
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My husband gets a ford escape hybrid for his personal use,
My husband gets a ford escape hybrid for his personal use, he takes it skiing trips, wherever we want to go. We pay no gas, maintenance, car payment, or even car washing. What is the estimated value f… read more
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