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Leasing Business Autos - The Tax Adviser

    https://www.thetaxadviser.com/issues/2009/jul/leasingbusinessautos.html
    Jul 01, 2009 · The FMV of the leased auto is the amount that would be paid to buy the car in an arm’s-length transaction. The FMV for the leased income inclusion rules is the capitalized cost of the auto, if that cost is specified in the lease agreement (Temp. Regs. Sec. 1.280F-5T(h)(2)).Estimated Reading Time: 6 mins

I am 100% shareholder and sole owner of my S-corp. The S ...

    https://www.justanswer.com/tax/4p08d-100-shareholder-sole-owner-s-corp-s-corp.html
    Mar 08, 2011 · Hello and thank you for your question. The lease inclusion is of course wages and appears as officer compensation on page 1 of Form 1120S generally. The actual vehicle expenses will usually show up as an other deduction on page 1 of your Form 1120S. Here is the 2010 form:Estimated Reading Time: 10 mins

What to Know Before Leasing a Company Car for Business

    https://www.thebalancesmb.com/leasing-a-company-car-for-business-use-3961454
    Nov 14, 2019 · You can deduct only the business driving portion of the costs of driving the leased car. Then, to deduct the lease payment, you must use the actual cost method (not the standard deduction) to calculate driving deductions. Finally, a higher value leased vehicle may be subject to what the IRS calls an "inclusion amount," which is a reduction in the deduction for the lease cost.  Estimated Reading Time: 6 mins

How to Deduct Lease Payments for a Car in an S-Corp ...

    https://bizfluent.com/how-11401518-deduct-lease-payments-car-scorp.html
    Sep 26, 2017 · When you own a business, finding ways to maximize profits and reduce expenses can be a challenge. Any businesses, including an S-Corp, can reduce its tax liability by deducting accepted or necessary expenses associated with business operations, including vehicle use. While you cannot deduct the full amount of a lease payment, the IRS does allow you to deduct most of the cost minus an inclusion amount, or you can deduct your vehicle's …

Taxation of Employees’ Personal Use of Company Vehicles ...

    https://www.bdo.com/insights/tax/compensation-benefits/taxation-of-employees%E2%80%99-personal-use-of-company-veh
    If an employer provides an employee with a company vehicle that is available for the employee’s personal use, in most cases, the value of the personal use must be included in the employee’s wages. Accordingly, the value of such personal use is subject to both income and employment taxes.

What You Need to Know About Personal Use of Company Vehicle

    https://www.eidebailly.com/insights/articles/2018/1/personal-use-of-company-vehicle
    Dec 14, 2020 · The vehicle is owned or leased by you and provided to your employee for use in conjunction with your business. You require your employee to commute to and/or from work. You have a written policy prohibiting your employee (and their family) from using the vehicle for personal use other than commuting to and from work.

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