can my corporation pay for my personal vehicle
Not surprisingly, we regularly get this question from our S Corp clients. We always advise our clients to keep this one rule in mind: your S corporation is a separate legal entity from you. What this means is that the corporation may not pay your personal expenses and you personally may not pay the corporationâs expenses. To this extent, the payments made by the corporation for your personally owned car should be classified a loan to you. From there, your S corp is going to reimburse you for the business-vehicle expenses under one of two methods: 1  it can reimburse you at the IRS standard mileage rate, currently 55.5 cents a mile; or. 2  it can reimburse you for actual expenses, including depreciation.