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re: S corp car question..
Posted on 5/9/24 at 5:49 am to bleedsgarnet
Posted on 5/9/24 at 5:49 am to bleedsgarnet
We have a company car. We use it for personal use. We have a commercial policy that allows personal use, but it is much more expensive than a personal insurance policy. I recently spoke to my CPA with a similar concern. He recommended my payroll company add a line item in the W2 to account for the car. We estimated personal use at $1000/month.
"It would be taxable earnings that would be listed as “personal use of company car” on box 14 and would be added to box 1, 3, and 5 of the W-2."
"It would be taxable earnings that would be listed as “personal use of company car” on box 14 and would be added to box 1, 3, and 5 of the W-2."
1
Posted on 5/9/24 at 6:18 am to Mariner
Since use of a company car is taxable wages, it can theoretically be part of reasonable comp.
If keeping the third vehicle is an option you can likely justify 100% business use and should get a better insurance rate.
There are federal rates for personal use of company car to employees
If keeping the third vehicle is an option you can likely justify 100% business use and should get a better insurance rate.
There are federal rates for personal use of company car to employees
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