November 30, 2018

Small business owners often use their personal vehicles for business purposes, but they don't always reimburse themselves from their own company for that mileage. Instead, they typically deduct that mileage on their personal return. With the changes made last year for tax reform, that deduction is now gone.... but all hope is not yet lost.

Businesses can still get a deduction for business mileage , and for S corp shareholders, getting a reimbursement from the business for mileage is the best way to still get that deduction since the business's taxable income flows through to the shareholder's personal return. If you are the only shareholder in your...

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