Question

I operate my business as a corporation. Should I own the business car personally, or should the corporation own the business car? (M.J., Columbia, S.C.)

Answer

You simplify record keeping if you have the corporation own the business car.

If you own the car personally and you want a corporate deduction, you have to consider how the corporation is going to reimburse you for business vehicle use.

One absolute. You do not want to use the car for business and ... Log in to view full article.