Tax Law (Questions About Taxes)/Auto


QUESTION: Can I have my personal car on the books of my single member LLC if I file a Schedule C? If I can, how do I report the balance sheet when I change to being taxed as a S Corporation?

Thank you.


Look on irs how to report auto miles.

Either actual cash paid expenses or miles per business miles.  99% of the time miles results in better outcome

Maintain impeccable records pertaining to business use and document it well.

What about converting to an s corp? When why and how are you going about doing that and why?  What is the goal.

Not just the auto expense.. but he what do you acheive?  

What state are you in?

---------- FOLLOW-UP ----------

QUESTION: We are saving money switching to a S Corp with the Shareholder salary. We are in Pennsylvania. I had the auto on the books when reporting the balance sheet to PA (which is required with the RCT-101) Now that we are switching to being taxed as a S Corp, I assume I must remove the auto but I am unsure how to go about it.


if the company had an auto in the llc (did the llc really have title to it?) it should be in the s corp.  how did you convert from llc to s corp? did you make timely election or make new corporation? did you unwind the old llc?  

dont be greedy on the salary. make 100 but only salary 10 and k1 90.  

also, dont try and land the plane by yourself.  Flying is easy; it is LANDING that is difficult.  same with taxes.  Sometimes people do it half way and screw things up.

Pa is not too far from me (CT) and I do have family there and clients in PA.  if you need more help.


Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts




Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

AICPA, CSCPA (Ct society), National Tax,

a bunch.

MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2016 All rights reserved.