Rental cars.?

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.....

Take the money...

Sounds like a great deal to me.

What's your cost per day on the rental versus a lease (short or long term) or outright buying a vehicle?

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

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.

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.

The 2023, IRS, standard mileage rate for transportation or travel expenses is 65.5 cents per mile for all miles of business use.

Keith