Hi,
I am operating a small business S-Corp with 2 members. I plan to have an accountable plan for deducting my home office and vehicle expenses. I am not clear on a few things and hoping to get those cleared up quickly.
- While setting up an accountable plan, can I submit and reimburse all expenses at the end of the year?
- Also, I bought a personal vehicle which I use for business as well. Assuming I have around 70% business use, I plan to use the actual expense method as I expect it to be bigger than standard mileage. Should this be reimbursed as part of the accountable plan as well?
- If so, how should I calculate the depreciation and add it to the accountable plan?
- For home office expenses, should I be collect and store my utility bills, property tax bills for recordkeeping as well?
Thanks in advance.
