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Deductions & credits
Does your S-Corp include the reimbursement amount as income on its 1120-S tax return? If so, then the S-Corp can deduct the gas expenses on its tax return. You cannot deduct the expense on your personal tax return.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎November 17, 2024
9:34 AM