Mileage reimbursement question


J

John Wilson

I had a question as to how mileage reimbursement works. I
think the following is correct, but please let me know
otherwise:

I own an S-corporation. If I use my own personal vehicle
for business purposes (and of course keep a log of the
mileage and purpose/destination) then the corporation can
reimburse me for this mileage as follows:

<number of miles> x 37.5 cents per mile

This will be a deductible expense for the corporation, and
it is NOT considered income for me personally (it is just
reimbursement for my vehicle expenses).

Is all of the above correct? Anything I should be wary of
or look out for?

Many thanks!

John Wilson
 
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