Discussion:Standard Mileage Rate Method

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

(Difference between revisions)
Jump to: navigation, search

Lrussell (Talk | contribs)
(New Discussion)
Next diff →

Revision as of 17:31, 1 October 2009

Discussion Forum Index --> Basic Tax Questions --> Standard Mileage Rate Method
Discussion Forum Index --> Tax Questions --> Standard Mileage Rate Method

Lrussell (talk|edits) said:

1 October 2009
Can someone please confirm?

1. Standard mileage rate is not available to S-corps when the s-corporation purchases the vehicle.

2. Standard mileage rate is available to partnerships (assuming no more than 5 vehicles, standard mileage method elected 1st year auto put into business use).

3. Assume vehicle is owned by invididual 100% owner of S-corp, but it is used for personal and business use. Does this make any difference with regards to being able to use the standard mileage rate? I read some other posts, and it appears that an accountable plan would need to be set up and the s-corp could reimburse the owner at the standard mileage rates. However, I want to confirm that this is the only way the standard mileage rate can be used within an S-corp.

Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Standard_Mileage_Rate_Method"