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Company Mileage - Company Cars vs Mileage Reimbursment

Sep 30, 2016 · Mileage reimbursement solves the company car problem Company cars put a business in the car business and that’s not a place where most companies want to be. Reimbursing employees for business miles driven in their personal vehicles not only treats them fairly and shields that reimbursement from taxation, it creates a deductible business expense for the organization.…

Optimal company mileage reinbursement

Jan 12, 2019 · Small businesses can use below as a guide, or GPS, for showing them the way on how to adequately compensate for business mileage. 2019 Standard Mileage Rate. Each year, the IRS sets a standard mileage rate, which is the rate for mileage reimbursement when using a personal vehicle for business purposes. In 2018, that rate is 54.5 cents per mile.…

Taxation of Personal Use of Company Cars Simplified by IRS

Employers may use the cents-per-mile method if the employer reasonably expects the vehicle to be regularly used by employees in the employer’s trade or business throughout the year (or such shorter period as the vehicle may be owned or leased by the employer), or the vehicle is at least driven 10,000 miles. [5] If an employer wants to use the cents-per-mile rule, they must begin using it as of the first ……

Topic No. 510 Business Use of Car Internal Revenue Service

Jan 03, 2020 · Standard Mileage Rate - For the current standard mileage rate, refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses or search standard mileage rates on IRS.gov. To use the standard mileage rate, you must own or lease the car and: You must not operate five or more cars ……

XIII.4.C Travel Mileage Rates

XIII.4.C Travel Mileage Rates. SECTION OVERVIEW AND POLICIES New York State reimburses employees for business use of privately owned automobiles based on the standard mileage allowance established by the Internal Revenue Service (IRS).…