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When a shareholder receives use of a company vehicle as a fringe benefit that fringe is reported as wage income on their W-2.
Your question regarding "How do I enter an S-corp leased automobile" is a little vague, what are you trying to enter the lease payments?
When a shareholder receives use of a company vehicle as a fringe benefit that fringe is reported as wage income on their W-2.
Your question regarding "How do I enter an S-corp leased automobile" is a little vague, what are you trying to enter the lease payments?
Lease expenses are recorded as just that...or could be entered under "equipment rental"
And a reminder...those W-2's are due tomorrow...
Is the vehicle lease in the individual's name or in the company name?
What is the buyout option on the lease? If less than FMV, then you need to capitalize the vehicle and cannot simply deduct the lease payments.
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