Car allowance

Clark

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Surely an EV is the only option to consider.;)
Get an EV then explain to your company the reason you are only working two hours a day is you are waiting for the car to charge to get to the job :rolleyes: .
 

SRW

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Get an EV then explain to your company the reason you are only working two hours a day is you are waiting for the car to charge to get to the job :rolleyes: .
You don't think "saving the planet" would be a valid excuse?
 

SRW

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JohnBZ

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Not exactly the same thing but the company I work for used to buy us a vehicle then deduct an amount out of each paycheck for the vehicle "loan". Then issue a monthly stipend to pay that amount back. Doing it that way forced the vehicle to show as income. They also paid for insurance, fuel and maintenance. In reality it was a liability shift and allowed them to save alot of money on insurance. They tried asking us to insure as a personal vehicle but i refused to do so and had mine insured as a commercial vehicle used for work. Since then, they have abandoned that system and have gone to a fleet. This was mainly due to their deep desire to have the trucks gps monitored. Now that they got their wish they have learned that per union rules they can only use gps for recovery and to attempt to get an insurance break. They cannot use gps to manage employees or their driving habits. It's a weird situation because you know they are looking at it but they can't say anything. I'm so busy that messing around isn't an option so I don't worry about it.
 

Duck Wrangler

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My monthly allowance is $650 and they also give me a fuel card. It was offered when I was promoted; they would either give me a new company truck or an allowance/fuel card to use mine. I have a side business(fence installation), so the side business can write off any repairs/tires for the truck, so no brainer to take the allowance.
They would not want me to use the company truck for my side business anyway.

I may be wrong, but I don't think the allowance is taxable income.
Tax experts on here to correct that??
 

Native NV Ducker

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Duck Wrangler

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The check I receive is separate from my payroll; it's more of an expense check
Taxes are not taken out of my allowance check.

I guess I find out in a couple of month's how the IRS treats it!

Thanks for the link.
 

snipe a duck

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I've had a company vehicle a long time. Last year the company decided to install dash cams in all the vehicles that included a camera facing inside the vehicle. I was given the option of turning in my company vehicle and taking a vehicle allowance. Going from a vehicle where my employer pays for everything to an allowance that is taxed would have cost me money. Ultimately i'm working on a plan to take the allowance as i still absolutely despise the inside facing camera. I just can't shake the feeling of being spyed on down to if i stop at the grocery store on the way home.
 

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