You own the corporation and use the truck payments and gas on the corporation for a tax deduction, then you also use the mileage on that same truck for your own personal tax deduction.
2007-03-28 08:18:38 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes , just make sure your an s corporation. Everything your company does will reflect on your personals from your k-1
2007-03-28 08:24:17 · answer #1 · answered by ? 6 · 0⤊ 5⤋
No because if the company is paying for the payments and gas it is technicially their truck so you cannot deduct mileage for tax purposes since it's not yours.
2007-03-28 15:21:46 · answer #2 · answered by xls8000 2 · 2⤊ 0⤋
No. In that case, the use of the truck would be a taxable fringe benefit to you.
2007-03-28 15:54:31 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
THE TRUCK YOU CAN USE.THE GAS COST YOU CAN USE.THE MILEAGE YOU CAN'T .BECAUSE IT IS COVERED WENT YOU PAID FOR THE GAS.
2007-04-01 13:34:40 · answer #4 · answered by Marcel SJ Rossignol 2 · 0⤊ 0⤋
No, not legally.
2007-03-28 15:40:57 · answer #5 · answered by Judy 7 · 1⤊ 0⤋