This is my first year taxed as an S-corp. I'm an owner operator who has a Lease to Own Semi-truck. Do I need to record this as a Leased Vehicle? Do I include my Fuel, DEF etc as a Vehicle Expense even though its not a passenger vehicle?
You'll need to sign in or create an account to connect with an expert.
First, you will need to use the S-corp software. Be sure you have the right product.
Second, vehicle expense questions are automated for the more common situation where someone is using a passenger automobile for business. In your situation, that may not fit. You still need to report your expenses, but using the passenger auto dialogue may not fit.
I would also add that the first year you fill out a new tax return is a good year to get personalized help, one way or another. You'll be doing a lot of things you haven't done before and I find that small business owners often need coaching not just in filling out the return, but what records to keep, what expenses are deductible, and so much more. It's not uncommon for me to find small business owners making mistakes for years that they've never gotten good advice on how to fix.
I recommend going to a tax professional for several reasons: (1) I think that EVERY new S-corporation should go to a tax professional, (2) I suspect that a S-corporation may not be the best idea for your type of situation, (3) your "lease" needs to be analyzed to see if it is actually a lease or a purchase agreement, and (4) no, don't enter a semi in the vehicle section.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
yesroc5
Returning Member
martinpozosmonto
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.