I have run my sole proprietorship for several years, but changed it to an LLC last year. While my S-Corp election was effective May 24th, I operated as a SP until June 30th, and then changed the name and started operating under the LLC on July 1st.
My vehicle is still in my personal name, so not sure how to properly deduct the mileage, etc. for that. Should I have been reimbursing myself for use of a personal vehicle? With about 15000 miles for the 2nd half of 2023, it would be about $10k going by the standard mileage rate. (I did pay myself a reasonable wage).
From what I've read, on the 1120S, you can only deduct actual expenses on company vehicles but since this isn't a company vehicle, I assume I'll need to account for the mileage and vehicle expenses on my personal return?
