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re: Company Vehicle : Do my employees buy gas or do I?
Posted on 1/16/13 at 11:50 am to lsufanintexas
Posted on 1/16/13 at 11:50 am to lsufanintexas
My husband drives a company vehicle. He has a fuel card.
He has to keep very good written records. The company places a lease value on the car which also includes all gasoline, repairs, insurance etc. The lease value is added to income as a benefit and FICA and Medicare tax is deducted up to the total limit on salary deductions.
When we file taxes, we file Form 2106 to deduct the business portion of the miles driven. This deduction is subject to the IIRC, 2% exclusion and taken on Schedule A.
Records have to be written and there has to be explicit company policy about personal usage. Husband keeps a written diary in his car to separate personal from business usage.
You really need to have a tax professional set this up for you. Those employees who pay to have their taxes prepared will have to pay an additional fee for the 2106 if they do not already file this form for other business expenses.
He has to keep very good written records. The company places a lease value on the car which also includes all gasoline, repairs, insurance etc. The lease value is added to income as a benefit and FICA and Medicare tax is deducted up to the total limit on salary deductions.
When we file taxes, we file Form 2106 to deduct the business portion of the miles driven. This deduction is subject to the IIRC, 2% exclusion and taken on Schedule A.
Records have to be written and there has to be explicit company policy about personal usage. Husband keeps a written diary in his car to separate personal from business usage.
You really need to have a tax professional set this up for you. Those employees who pay to have their taxes prepared will have to pay an additional fee for the 2106 if they do not already file this form for other business expenses.
1
Posted on 1/16/13 at 11:56 am to Blakely Bimbo
My wife gets a vehicle allowance due to her job. The allowance barely covers her car pmt and insurance. The company requires her to carry the highest insurance coverages possible.
She does not have a gas card. She keeps track of mileage and maintenance on the vehicle for tax purposes at the end of the year.
She does not have a gas card. She keeps track of mileage and maintenance on the vehicle for tax purposes at the end of the year.
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