I (personally) own a car which has been used about 50% this year for solely business purposes. I have a single member LLC which I elect to be taxed as S-Corp. I plan to expense business only mileage using the standard mileage rate.
Since my business has been growing and becoming more mobile, I have decided to purchase a business only car in December of this year. My question is, can I deduct both the standard mileage rate of the my personal car (from business related travel) AND deduct ~$11,500 of the actual cost of the car my business is buying?
In 2018 and beyond I plan on deducting the actual expense rather than using the standard mileage rate on my business car and will ONLY use my personal car for personal use. However this year it seems that I can deduct both since I am technically buying the business car at the end of the fiscal year. From my research I have not found anything contradicting this, but I am not an expert to any degree.
Sort of, yes.
Yes, you can use the Standard Mileage Rate on one vehicle and Actual Expenses with a different vehicle.
However, you need to clarify what you mean by "expense business only mileage using the standard mileage rate". Do you have an Accountable Plan that you are submitting monthly reports to the corporation, and the then corporation reimburses you for those miles? If not, what exactly are you doing?
I *HIGHLY* recommend going to a tax professional to learn how corporations work. Doing things wrong can EASILY cost thousands of dollars.