You can use either one that may benefit you and your business. Standard Mileage deduction is solely for mileage usage, while actual expenses include gas, repairs, insurance, depreciation, and other expenses related the business vehicle usage. If the vehicle used for business was over 6,000 pounds, you may qualify for Section 179 or bonus depreciation. deduction.
Form 1120-S is a type of corporation that passes income directly to the shareholders on form Schedule K-1 to avoid double taxation.
