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re: S corp car question..
Posted on 5/9/24 at 6:18 am to Mariner
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
Posted on 5/9/24 at 11:23 am to OceanMan
This thread is interesting. Had a debate with a business owner who was trying to advise the people in our group to just buy their personal vehicles through their company and write everything off...insurance, gas, repairs... He even admitted that he bought his wife's car through the company, and she has nothing to do with his company.
I tried explaining to him that he would have to report the benefit as income, and he could only write-off the expenses. Gave me the "I ran it through my CPA" speech and "as long as I'm not audited and they think to look under there I'm fine". Other than the fact that he's out right committing tax fraud, what tax code can I slip his way to tell him to buckle up and either tell his CPA the whole truth or start looking for a new CPA.
I tried explaining to him that he would have to report the benefit as income, and he could only write-off the expenses. Gave me the "I ran it through my CPA" speech and "as long as I'm not audited and they think to look under there I'm fine". Other than the fact that he's out right committing tax fraud, what tax code can I slip his way to tell him to buckle up and either tell his CPA the whole truth or start looking for a new CPA.
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