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Rental cars.? #7871912
05/25/23 09:42 PM
05/25/23 09:42 PM
Joined: Nov 2007
Posts: 9,932
St. Cloud, MN
trapperkeck Offline OP
trapper
trapperkeck  Offline OP
trapper

Joined: Nov 2007
Posts: 9,932
St. Cloud, MN
So, I pretty much drive for a living. Pushing 1,000 miles a week. Corporate pays me std govt. mileage rate $0.655/mile. I can rent a car for $42/day + gas. Total weekly cost of $210 + $100 for gas = $310. $655 - $310 = $345/week net tax-free $$ for me. Am I missing something? I, almost, feel bad.....


"The voice of reason!"
Re: Rental cars.? [Re: trapperkeck] #7872121
05/26/23 09:02 AM
05/26/23 09:02 AM
Joined: Dec 2006
Posts: 2,631
coastal ny
G
gcs Offline
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gcs  Offline
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G

Joined: Dec 2006
Posts: 2,631
coastal ny
Take the money... grin

Re: Rental cars.? [Re: trapperkeck] #7872143
05/26/23 09:43 AM
05/26/23 09:43 AM
Joined: Jul 2019
Posts: 918
WI
B
Badger23 Offline
trapper
Badger23  Offline
trapper
B

Joined: Jul 2019
Posts: 918
WI
Sounds like a great deal to me.

Re: Rental cars.? [Re: trapperkeck] #7872145
05/26/23 09:44 AM
05/26/23 09:44 AM
Joined: Oct 2009
Posts: 6,474
east central WI
K
k snow Offline
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k snow  Offline
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K

Joined: Oct 2009
Posts: 6,474
east central WI
What's your cost per day on the rental versus a lease (short or long term) or outright buying a vehicle?

Re: Rental cars.? [Re: trapperkeck] #7872155
05/26/23 10:03 AM
05/26/23 10:03 AM
Joined: Dec 2008
Posts: 4,421
Yukon
Y
yukon254 Offline
trapper
yukon254  Offline
trapper
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Joined: Dec 2008
Posts: 4,421
Yukon
Originally Posted by trapperkeck
So, I pretty much drive for a living. Pushing 1,000 miles a week. Corporate pays me std govt. mileage rate $0.655/mile. I can rent a car for $42/day + gas. Total weekly cost of $210 + $100 for gas = $310. $655 - $310 = $345/week net tax-free $$ for me. Am I missing something? I, almost, feel bad.....


Wow what a deal! I wouldnt own if I could rent a car that cheap! A weekly rental here would cost you $1000 if you could get one


do unto others as you would have them do unto you

www.grizzlycreeklodge.com
Re: Rental cars.? [Re: trapperkeck] #7872260
05/26/23 12:47 PM
05/26/23 12:47 PM
Joined: Mar 2012
Posts: 3,882
meadowview, Virginia
E
EdP Offline
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EdP  Offline
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Joined: Mar 2012
Posts: 3,882
meadowview, Virginia
That's just being a smart businessman. Take the money if it meets corporate policy and legal definitions. Be careful about the reimbursement being specified for use of your "personal vehicle" and what meets the definition of "personal vehicle" both in corporate policy and gov't regs. The corporate policy may also specify that if an employee rents a car for business trips that they will reimburse the rental cost. Consider a leased vehicle if it meets the definition but your rental does not.

Re: Rental cars.? [Re: trapperkeck] #7872263
05/26/23 12:50 PM
05/26/23 12:50 PM
Joined: Jan 2008
Posts: 9,260
Alaska and Washington State
W
waggler Offline
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Joined: Jan 2008
Posts: 9,260
Alaska and Washington State
Look at potential tax implications. Can you right-off the entire rental amount? I'm pretty sure that with a lease you can right-off the entire lease amount annually.

I'm not sure what the current IRS mileage allowance is, but if your company is paying you more than the IRS allowance, the difference is most likely a taxable event.

Last edited by waggler; 05/26/23 12:53 PM.

"My life is better than your vacation"
Re: Rental cars.? [Re: trapperkeck] #7872274
05/26/23 01:02 PM
05/26/23 01:02 PM
Joined: May 2009
Posts: 16,047
Champaign County, Ohio.
K
KeithC Offline
trapper
KeithC  Offline
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K

Joined: May 2009
Posts: 16,047
Champaign County, Ohio.
The 2023, IRS, standard mileage rate for transportation or travel expenses is 65.5 cents per mile for all miles of business use.

Keith

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