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Can the gas and insurance be expensed on the S corps books for a director/officer/shareholder of the S corp who uses his personal truck for the business?
The gas and insurance were paid for by S corps credit card and are expensed on the books. Is that ok for the S corp to take the deduction on the 1120S? These expenses are not included on his w-2. What if anything does the shareholder need to do on his personal tax return regarding this?
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‎June 3, 2019
6:07 PM