Hey guys, is there any time when it is allowable or makes sense for a business owner (partnership, SMLLC, S-corp, etc…) to receive reimbursement for mileage instead of taking the deduction on their returns? My understanding is that up to the SMR can be given tax free, and the business can take a deduction for that amount. Is this correct? Does it make sense to do? Maybe only in a partnership? Thanks in advance.
Just answered on today’s show. Thank you!! February 8, 2023. Mark & Mat