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re: How much should a company truck affect your salary?
Posted on 9/26/23 at 8:59 am to Oilfieldbiology
Posted on 9/26/23 at 8:59 am to Oilfieldbiology
(no message)
This post was edited on 3/14/24 at 9:50 am
Posted on 9/26/23 at 9:02 am to Odysseus32
quote:
I would bargain that most people who get company vehicles don't understand the tax implications of a company vehicle IF the company is doing things by the books.
Again, a lot of this shite flies under the radar or isn't worth digging into.
Until they get audited for other things and slammed with a bill. Read that employee handbook, if it even mentions personal miles on company cars you can be sure they will go after employees for not reporting.
Posted on 9/26/23 at 10:01 am to Odysseus32
quote:
I would bargain that most people who get company vehicles don't understand the tax implications of a company vehicle IF the company is doing things by the books.
Again, a lot of this shite flies under the radar or isn't worth digging into.
I am assuming that if a company has company vehicles and expects to write it off as a business expense, then they have to track the miles. I would guess that's why personal use miles hit the employee's W2.
Only way I could see it not getting taxed for employee is if the company chooses to eat the cost of the vehicle 100% and never claim it.
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