Do you operate your business as an S corporation? C corporation?

If yes, does the corporation own the car or other vehicle that you use for business?

If yes, do you use the corporate vehicle for personal purposes? If yes, you need to read this article.

Situation

You use the corporate-owned vehicle 80 percent for business and 20 percent for personal purposes.

Vehicle

What is a vehicle?

To know what a vehicle is, you have to dig into the IRS regulations where the IRS defines an “automobile” as any four-wheeled vehicle manufactured primarily for use on public streets, roads, and highways.1

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