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Are you actually preparing an 1120-S for the S corporation using TurboTax Business?
If so, enter the vehicle in the Depreciation of Assets section (Federal Taxes tab>>Deductions).
Are you actually preparing an 1120-S for the S corporation using TurboTax Business?
If so, enter the vehicle in the Depreciation of Assets section (Federal Taxes tab>>Deductions).
S-corp tax returns can be completed using TurboTax Business; none of the personal tax products will work for an S-corp. The following is from Business Use of Vehicles.
S Corporation
A vehicle used for business may be owned by the corporation or by an employee (even a shareholder-employee). The method of claiming the deduction will differ depending on the ownership of the vehicle.
Vehicle owned by an employee
If the employee (or a shareholder-employee) uses their personal vehicle for business on behalf of the corporation,
Vehicle owned by the corporation
A corporation must determine the deduction for vehicles it owns based on actual operating expenses. The corporation is also limited by the business-use percentage of the vehicle.
The corporation can deduct all of the operating expenses of the vehicle without regard to the business-use percentage if the personal-use percentage is treated as income to the employee.
How often should the expenses get submitted. If the vehicle is owned by the employee, can the employee just submit one expense at beginning of the next year for the miles traveled in the previous year and get reimbursed at once; or should this be done more frequently, like monthly or quarterly?
There is no specific time frame that needs to be used ... but you must have a written expense report.
You can do the reimbursement at any interval you want, but the mileage log needs to be completed on a timely basis. You can't just fill it out at the end of the year.
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