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Can an owner of a C Corp have a company vehicle with their
Can an owner of a C Corp have a company vehicle with their gas paid for still turn in mileage every month? The owner turns in mileage once a year and collects an equal payment every month for an entir… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I am un sure how a car allowance works. I have been offered
Hi. I am un sure how a car allowance works. I have been offered base of $110,000 with a car allowance of $18,000. The car allowance will be paid to me monthly on top of my base and without tax How wil… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have an S-Corp owner that leased a car (personally) and
I have an S-Corp owner that leased a car (personally) and has the S-Corp pay all expenses (lease payment, fuel, repairs, licenses, etc). The S-Corp owner does use the car about 10% for personal. His W… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I am trying to determine whether our car allowance is equitable.
I am trying to determine whether our car allowance is equitable. we currently pay $8400 annually for the allowance. We are currently taxing the full amount but we'd like to not tax the personal use of… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Dear Tax Advisor, We are a three member LLC (default classification).
Dear Tax Advisor, We are a three member LLC (default classification). I am primary with separate room dedicated as home office and clear log of car use for business travel. Do I take a check from LLC … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
We have two different ways of reimbursing employees for mileage and car use. We have three
We have two different ways of reimbursing employees for mileage and car use. We have three employees that receive a monthly allowance of $250 and the rest of the workforce that receives the IRS mileag… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,424 satisfied customers
I am the sole shareholder and employee of an S-Corporation.
I am the sole shareholder and employee of an S-Corporation. I have a vehicle I leased in my own name, and use a portion of it for business. I maintain mileage logs and all the necessary documentation.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
I have been getting mileage reimbursement for the last year
I have been getting mileage reimbursement for the last year with my company. Since I was reimbursed for my mileage, I never claimed anything on my taxes. It was not at a rate that exceeded the current… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have a question regarding depreciation. I have a client
I have a question regarding depreciation. I have a client who bought a truck (in his personal name, and not a heavy duty truck) in 2010. He started using the truck for his corporation in 2012 (80% bus… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Hi -- This is similar to my last question. The corporation
Hi -- This is similar to my last question. The corporation owns a car. I have another car that's in my name that I sometimes want to use for the corp's business purposes. Can I just keep track of the … read more
PDtax
PDtax
Owner
Master's Degree
9,530 satisfied customers
I own a small business. I compensate my employee her gas mileage.
I own a small business. I compensate my employee her gas mileage. Is this gas mileage 100% tax deductible for the business?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
We give our employees a car allowance of x dollars a month
We give our employees a car allowance of x dollars a month + gas as an expense reimbursement. Our tax advisor is saying this is given as income+x and is a taxable w2 item. Is this true? Also what are … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
I just started working for a company that is giving its sales
I just started working for a company that is giving its sales representatives $400 in car allowance a month and 0.15cents on the mile. However the car allowance is being taxed as income. Is that legal… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
i was laid off from my job late last year due to economic conditions.
i was laid off from my job late last year due to economic conditions. Deal with co. was that the company would reimburse me for expenses such as car, parking, gasoline and any other costs incurred. th… read more
Merlo
Merlo
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558 satisfied customers
I am having difficulty deciphering IRS Publication 15-B on
I am having difficulty deciphering IRS Publication 15-B on the taxability of a fringe benefit: How should we treat the reimbursement of company use for an employee's personal vehicle for tax purposes?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Is there a way to set up a auto allowance for employees (for
Is there a way to set up a auto allowance for employees (for example $500 a month and $.20 a mile for business miles) without any of it being taxable to my employees?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I work in sales for a company that provides my leads, while ...
I work in sales for a company that provides my leads, while I am allowed to find my own leads - 99.9% come only from my employer. I am paid only commission but I am treated as an employee as eligible … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
I recieve a car allowance and .22 per mile. What is tax deductible
My car allowance is $700/ month and taxed. I also get .22 per mile. What are my tax deduction options this year?… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
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