can you have your (own) corporation pay your truck payments & gas, then use the mileage on your personal taxs?
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.
Tags: mileage, personal tax, tax deduction
#1 written by THREE RIVERS September 6th, 2010 at 20:35
Yes , just make sure your an s corporation. Everything your company does will reflect on your personals from your k-1
#2 written by xls8000 September 6th, 2010 at 20:35
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.
#3 written by Judy September 6th, 2010 at 20:35
No, not legally.
#4 written by bostonianinmo September 6th, 2010 at 20:35
No. In that case, the use of the truck would be a taxable fringe benefit to you.
#5 written by Marcel SJ Rossignol September 6th, 2010 at 20:35
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.