Company Vehicles Should Be Titled To The Company
In order to be able to deduct the direct expenses for a vehicle, the vehicle should be in the company's name or the IRS could disallow the related deductions upon audit. As long as business use exceeds 50%, we recommend you buy vehicles in the company's name. If the vehicle is in your personal name and you use it for business, then you can still get a deduction. The company can reimburse you for its use of the vehicle, either at the standard mileage rate or based on actual expenses. This reimbursement is a deduction for the company and is not counted as income to you.