Using your personal car for S corporation business

Here are four questions every S corporation business-owner needs to answer:

Question #1: Is the vehicle you use for your S corporation business titled in your name?

Question #2: Is the vehicle your spouse drives titled in her/his name?

Question #3: Does your spouse use her/his personal vehicle for S corporation business?

Question #4: If your vehicles are titled in your names, but are used for S corporation business, does the S corporation pay some or all of the vehicle expenses?

If you’re answering “yes,” you could collide with the IRS! My advice? Hit the brakes and read my new article titled Tax Tips: Tax Deductions for Personal Car Used for S Corporation Business.

Three ways our fact-filled article can help you:

1. You’ll learn what to do if you’re driving your personal car for business. Here’s a fact you should know: It’s best to pay all your car expenses personally and then have the corporation reimburse you. You’ll get all the (important!) details when you read the full article.
2. We’ll tell you why a mileage log is always necessary. Regardless of who has title to your cars, or how you operate your business, you absolutely need a mileage log if you want your vehicle tax deductions to stand up to an IRS audit. You’ll get all the facts when you read the full article.
3. You’ll learn the difference between the “business basis” and the “adjusted basis.” This distinction is an important one, and every S corporation owner should understand it. I’ll explain everything in easy-to-understand language when you read the full article.