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    car expense

    Is there any way s corps or multiple member llcs van take the
    Standard milage rate for car expense?

    #2
    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.

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      #3
      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)

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