Personal Vehicle uses for business

[atftaxpro]

An S Corp owner uses his suburban vehicle for his black town car business since his vehicle is registered under his name, not his business name. In which tax return will he take a vehicle tax deduction, personal or business?

[ThomasM125]

The correct way to do that would be to submit an expense report detailing the business miles so the corporation could reimburse the owner for the business use of the car. If the company has such an accountability plan, the company can deduct the vehicle expenses and the recipient does not need to add the income to their tax return. The expense report should show the dates, business purpose of the trip and mileage driven.