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S Corp Accountable Plan Auto Depreciation
I am a sole member LLC being treated as an S-Corp for tax purposes. I use a documented accountable plan to reimburse myself for business expenses such as mileage. I bought a new car in Nov 2019 (Personal vehicle) and used mileage for 2019. I know if I was not doing the S-corp I could use actual expenses and depreciation. Is it possible to use the business % of actual expenses and car depreciation instead of mileage for 2020 if it would be more advantageous and what car depreciation method would I use ? Thx
‎August 18, 2020
3:43 PM