Using sch C for Sole Proprietor Business; using 1120S for S Corp. Same car used in both. Can std mileage be used in 1st business and actual deduction for S Corp?

[twanikad]

I am using TurboTax Home and Business (or personal taxes and TurboTax Business for S corporation.  

[DianeW · Accepted solution]

The same car can be used in both, but in different ways.  One thing that you can't do is let the S-Corporation claim the mileage, or the actual expenses as the S-Corporation doesn't own the car.

It is generally best to submit the mileage to the corporation and have the corporation write a check to reimburse you for the expenses using the Standard Mileage Rate. If you didn't do that for last year, you can do it going forward.

• Standard Mileage Rate:
• 2016 54 cents per mile
• 2017 53.5 cents per mile

If you have used the standard mileage rate in the past for this vehicle, then you can use that on your Schedule C for 2016, or choose actual expenses.  If you didn't use the standard mileage rate the first year the car was placed in service for business use then actual expenses must be used every year.