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- May 22, 2012
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Just a little accountant humor there.
Got a tax question for ya:
In order to qualify for my company's vehicle reimbursement program they require that we, as salespeople, drive cars that are: a) less than six years old or b) have less than 150,000 miles. They pay us both fixed and variable reimbursements; the fixed is based on projected annual mileage (30,000 for salespeople) and the variable is based on the price of fuel at any given time. My car is a 2005 4Runner with 98,000 miles, so I will need to buy a new(er) car to continue to participate in the vehicle reimbursement program.
My question is this - even though they pay us both fixed rate (which is taxed) and variable rate reimbursements, would I be able to write off any portion of the cost of a new(er) whip since I am required to do so by the company?
Thx,
-EGS
Got a tax question for ya:
In order to qualify for my company's vehicle reimbursement program they require that we, as salespeople, drive cars that are: a) less than six years old or b) have less than 150,000 miles. They pay us both fixed and variable reimbursements; the fixed is based on projected annual mileage (30,000 for salespeople) and the variable is based on the price of fuel at any given time. My car is a 2005 4Runner with 98,000 miles, so I will need to buy a new(er) car to continue to participate in the vehicle reimbursement program.
My question is this - even though they pay us both fixed rate (which is taxed) and variable rate reimbursements, would I be able to write off any portion of the cost of a new(er) whip since I am required to do so by the company?
Thx,
-EGS
