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I used my car once and I told my boss do not bother with compensation, but he did it anyway(law) and it was nice surprise to have some extra $ on pay check. Of course it depends on particular situation, it is one thing to be compensated for trips to/with the customers and another for delivering heavy/bulky/dirty parts or materials.
You will need to consider how new/nice your car is, area of driving, how badly you need those extra $, will it help you to grow/be promoted etc.
Sometimes it makes no sense for a company to keep extra car, some people would rather make extra $ driving their own car instead of renting one, so, again, it depends on how you personally feel in your particular situation about it.
For those of you that use your personal vehicle for work, is it worth the .56$/mile you drive?
IMO it may be if that mileage reimbursement leaves you a little extra after it pays for the gas you use, and the wear and tear on the car and tires. That really depends on the fuel efficiency of the vehicle you use for work, and of course the number of miles you drive for work. And of course the price of fuel.
I drove approximately 1000-1300 miles a month for my employer until I retired from that job in 2011. The employer was a cheap-a$$ who paid us 0.45/mile, and required that we use our own cars. The gas prices were not all that different than they are now ( at least from 2009-11) and I drove a Honda Civic. I guess I made enough to cover most of the wear and tear on the car and tires, so I couldn't complain. I had coworkers ( none of whom drove nearly as far as I did) who drove big SUV's and trucks, and they complained about that mileage reimbursement.
If I am not mistaken the number is not from your Employer, but from IRS; years ago it was slightly less, than it is now.
I think it is non-taxable on your W-2(it is reimbursement), if you are contractor(on 1099), that's different story.
You better check with your insurance company, but I would think unless you use your vehicle a lot for this purpose, your insurance premium should be the same(commute level).
You better check with your insurance company, but I would think unless you use your vehicle a lot for this purpose, your insurance premium should be the same(commute level).
Wrong.
Your carrier can deny any claims that arise from the use of your personal vehicle for business purposes. There are many variances state-by-state on how this is handled. Generally speaking, you would need to have a business use surcharge added to your policy for ANY business use.
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