Colorado - I work from home and have a small s-corp (3 employees including myself) and am needing to purchase a vehicle next year. It will be my household's third and will be used for driving for my job (I do service calls, installations, etc) but in all honesty will get personal use as well.

I'm familiar with the concept of putting the car in my personal name and having the company compensate me at a standard mileage rate for work use of the vehicle. What I've got no idea about is having the corporation purchase the vehicle. Are there tax advantages? I assume sales tax and annual license plate fees are the same.

Thanks for your time. If it's pretty much a wash I'll keep the car in my personal name, if there's a significant tax advantage I will have the S-corp buy it.

whether the business or the employee owns the car, only actual business use of the car is deductible as a business expense. Commuting expenses between home and business are not deductible business expenses and personal travel is not deductible.Aslongas the S corp owns the car: the biz can deduct depreciation expenses at the rate in effect at the time the asset is put into service (begins to be used); can also deduct general auto expenses for business use of the vehicle, like maintenance, gasoline, and tires; personal use of the car by you, the employee, must be documented and the S corp must report personal use as taxable compensation on your W-2.; Interest on a car loan is deductible to a biz as a ordinary and necessary biz expense; Insurance for a company-owned car may be cheaper than for an employee-owned vehicle, since businesses can get leased-car rates and other discounts; If the biz-owned car is involved in an accident, the driver's personal insurance rates and liability are minimized.
On the contrarty aslongas you, the employee/owner, owns the car: then EE car ownership expenses are deductible as itemized deductions only on Sch A if they exceed 2% of AGI. Other reductions in itemized deductions may affect the expense deductions; Interest on a personal car loan is not deductible, unless it is part of the proceeds from a home equity loan; If you use the car for business purposes and you are reimbursed by your business for these expenses, you cannot also take tax deductions for the expenses on your personal tax return. Only un-reimbursed business expenses may be deductible.
In general, having the business own the car allows more deductions, such as depreciation. Most of these deductions are not available to individual employees on their personal tax returns, but there may be specific instances when employee ownership of a car or truck for business use is advantageous.i guess you can buy a car and put my company name on the title instead of my personal name;you need to check with your insurance agent BEFORE you do. Insurance may cost more, or coverage may be less for corporate ownership. Also, some states tax corporate vehicles heavier than individually owned ones.

I got a notice that there was a reply but I don't see anything. ??

please contact the admin; i guess now yoiu can see the reply by now