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Started By
Message
Truck allowance vs company vehicle
Posted on 12/29/13 at 2:11 pm
Posted on 12/29/13 at 2:11 pm
I have the option of receiving a fixed amount each month to cover note , insurance and repairs and the vehicle is MINE . Gas will also be paid for but is separate from fixed allowance . OR , Take a company vehicle , and receive no allowance and gas is also paid for .
7
Posted on 12/29/13 at 2:20 pm to BearCrocs
how much is the allowance and how many miles will you be putting on the vehicle?
Posted on 12/29/13 at 2:25 pm to diat150
quote:
how many miles will you be putting on the vehicle
this is important to me. who wants a car that is all wore out. will it be used to carry tools or tow stuff?
Posted on 12/29/13 at 2:31 pm to BearCrocs
If they don't care about personal miles take the company vehicle unless it is just so objectionable you would rather not drive it.
cars and trucks---money holes
cars and trucks---money holes
Posted on 12/29/13 at 2:52 pm to I B Freeman
30k miles a year and I would be expected to use personal fuel on weekends . 900$ a month allowance not including fuel . No towing
Posted on 12/29/13 at 3:22 pm to BearCrocs
I think id take the allowance in that case. how can they expect you to use personal fuel on weekends? what if you fill up on friday? are you supposed to keep track of what you use then put it back into the truck out of your own pocket?
do you have to have a truck? id probably buy something newer but cheap, like a couple year old mazda3 or something. you would have it paid off in no time with $900 allowance.
company vehicles can be nice, but there is additional responsibilities while driving a company vehicle.
do you have to have a truck? id probably buy something newer but cheap, like a couple year old mazda3 or something. you would have it paid off in no time with $900 allowance.
company vehicles can be nice, but there is additional responsibilities while driving a company vehicle.
This post was edited on 12/29/13 at 3:23 pm
Posted on 12/29/13 at 3:24 pm to BearCrocs
Take the allowance. As long as you keep maintenance up, highway miles are nothing. Then you own a vehicle that you didn't really pay for.
Posted on 12/29/13 at 3:25 pm to BearCrocs
allowance taxed or not taxed?
Posted on 12/29/13 at 3:38 pm to wickowick
Allowance is taxed , have to have a truck , no more than 8 years old ( currently making payments on a qualifyable truck )
Posted on 12/29/13 at 3:40 pm to BearCrocs
Why is the allowance taxed? My wife has an allowance each month, and it's tax except.
Posted on 12/29/13 at 3:47 pm to BearCrocs
You probably should take the allowance since they expect payment for personal miles. You don't want to be in a position of fighting with your employer over what is personal and what is not.
You should keep up with all your auto expenses and compare it to your allowance. You should be able to write off the expenses for work related travel against the allowance income. Best to put a diary in truck and at least keep a good guess as to what is work and what is personal. The IRS allowed 56.5 cents per mile on business miles in 2013.
You should know what insurance limits your employer expects you to carry if they have such a policy. You might have to buy more insurance than you carry now. We ask our folks that get allowances to carry at least $500K in liability.
You should keep up with all your auto expenses and compare it to your allowance. You should be able to write off the expenses for work related travel against the allowance income. Best to put a diary in truck and at least keep a good guess as to what is work and what is personal. The IRS allowed 56.5 cents per mile on business miles in 2013.
You should know what insurance limits your employer expects you to carry if they have such a policy. You might have to buy more insurance than you carry now. We ask our folks that get allowances to carry at least $500K in liability.
This post was edited on 12/29/13 at 3:55 pm
Posted on 12/29/13 at 4:03 pm to BearCrocs
quote:
currently making payments on a qualifyable truck
in that case take the allowance. otherwise you will be paying for a truck to sit in your garage.
Posted on 12/29/13 at 4:51 pm to BearCrocs
Do they pay for gas with a gas card or do you report mileage and they pay you per mile? I'm reimbursed per mile and have made a little over $10K in profit from mileage this year.
Between my car allowance (which is smaller than yours) and mileage reimbursement I've had a free car that has made money for me.
Between my car allowance (which is smaller than yours) and mileage reimbursement I've had a free car that has made money for me.
Posted on 12/29/13 at 5:37 pm to NewIberiaHaircut
I have a seperste gas card
Posted on 12/29/13 at 7:25 pm to LNCHBOX
quote:
Why is the allowance taxed? My wife has an allowance each month, and it's tax except.
It depends on if its a benefit or a reimbursement.
Posted on 12/29/13 at 7:34 pm to BearCrocs
company vehicle for sure
Posted on 12/29/13 at 7:42 pm to BearCrocs
I drink and drive too much for a company vehicle to be my only mode of transportation 
Posted on 12/29/13 at 7:56 pm to BearCrocs
My vehicle allowance is tax exempt. I too have the same option. I get $1,000 a month on the first of each month. I enjoy a beer or two on my way home from work to jeopardize this in a company vehicle. I purchased a new truck on 12-31-12 and put 25k Miles on it as of today. My note is $320 a month, insurance is $99 and I spend around $300/ month in gas. I'm pondering trading my truck in and getting a new one this week.
2013 Double Cab Tacoma is my existing truck. I can make money off of trading it in, so this scenario works for me.
2013 Double Cab Tacoma is my existing truck. I can make money off of trading it in, so this scenario works for me.
Posted on 12/29/13 at 8:17 pm to 4LSU2
quote:
My vehicle allowance is tax exempt.
on what basis?
Posted on 12/29/13 at 9:58 pm to BearCrocs
quote:Interesting...I get a fixed reimbursement and variable mileage reimbursement and its all non taxed
Allowance is taxed
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