Is there any way s corps or multiple member llcs van take the
Standard milage rate for car expense?
Standard milage rate for car expense?
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The SCorp or LLC/LLP does not take the expense for mileage directly itself, but can reimburse the employee/member/owner/officer under a written, accountable plan, and that amount it can deduct as an expense. This is assuming the person receiving the reimbursement owns the vehicle, and not the business.Last edited by Burke; 08-30-2012, 12:41 PM. -
From TTB, page 10-5
Did You Know? The standard mileage rate method cannot be used
by corporations. Only self-employed individuals (including partners in a
partnership) and employees may use the standard mileage rate method.
(Rev. Proc. 64-10)Comment
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