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Rental cars.?
#7871912
05/25/23 09:42 PM
05/25/23 09:42 PM
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Joined: Nov 2007
Posts: 10,288
St. Cloud, MN
trapperkeck
OP
trapper
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OP
trapper
Joined: Nov 2007
Posts: 10,288
St. Cloud, MN
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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 $$ for me. Am I missing something? I, almost, feel bad.....
"The voice of reason!"
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Re: Rental cars.?
[Re: trapperkeck]
#7872155
05/26/23 10:03 AM
05/26/23 10:03 AM
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Joined: Dec 2008
Posts: 4,432
Yukon
yukon254
trapper
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trapper
Joined: Dec 2008
Posts: 4,432
Yukon
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So, I pretty much drive for a living. Pushing 1,000 miles a week. Corporate pays me std govt. mileage rate $0.655/mile. I can rent a car for $42/day + gas. Total weekly cost of $210 + $100 for gas = $310. $655 - $310 = $345/week net tax-free $$ 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
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Re: Rental cars.?
[Re: trapperkeck]
#7872263
05/26/23 12:50 PM
05/26/23 12:50 PM
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Joined: Jan 2008
Posts: 9,982
Alaska and Washington State
waggler
trapper
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trapper
Joined: Jan 2008
Posts: 9,982
Alaska and Washington State
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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"
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