I am the sole owner of S.Corp. For, Mileage and Tr...
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I am the sole owner of S.Corp. For, Mileage and Transportation Cost, Will it be part of the Business expense or personal expense?

 
2 Replies
Highlighted
Expert Alumni

I am the sole owner of S.Corp. For, Mileage and Transportation Cost, Will it be part of the Business expense or personal expense?

You are considered an employee of the S-Corporation and if you treat the mileage and transportation costs as a personal expense, tyu won't be able to take the expense on your 1040 return since employee business are no longer deductible.

 

Alternatively, the S-Corp could reimburse you and deduct the reimbursement.  One thing that you can't do is let the S-Corporation claim the expenses themselves, as the S-Corporation doesn't own the car.

Highlighted
Level 2

I am the sole owner of S.Corp. For, Mileage and Transportation Cost, Will it be part of the Business expense or personal expense?

I have a similar issue and am having trouble with the balance sheet in turbo tax adding up. First question, for the answer just given where does the S-corp reimbursement to the "employee" (the owner-employee) get logged? Is it a deduction "office expense" or other or ???

 

 

v
Privacy Settings