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Business & farm
You are considered an employee of the S-Corporation and if you treat the mileage and transportation costs as a personal expense, tyu won't be able to take the expense on your 1040 return since employee business are no longer deductible.
Alternatively, the S-Corp could reimburse you and deduct the reimbursement. One thing that you can't do is let the S-Corporation claim the expenses themselves, as the S-Corporation doesn't own the car.
March 6, 2020
11:45 AM