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Old 06-12-2019, 07:55 PM
 
Location: Tempe, AZ
4,552 posts, read 3,637,492 times
Reputation: 3625

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58 cents. I drive quite a bit and I don’t like it. I get somewhere between $150-$250 dollars a month depending.
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Old 06-12-2019, 08:13 PM
 
Location: OH>IL>CO>CT
5,231 posts, read 8,392,545 times
Reputation: 7185
Quote:
Originally Posted by joe from dayton View Post
Can you still get a tax break for the difference in the stipend and what the government allows?
Sorry, Trump's tax act dropped that deduction.

Per https://www.irs.gov/newsroom/irs-iss...rates-for-2019

"It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses."
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Old 06-12-2019, 08:32 PM
 
818 posts, read 1,539,869 times
Reputation: 630
Quote:
Originally Posted by reed303 View Post
The .58 Fed rate assumes that you are not getting any other "car allowance".

As the IRS says, "The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile"

$500/month covering fixed costs AND .35/mile for gas is a very good deal.


I don't get $500 and .35 cents. I get $500 and around .22 cents based on gas prices right now. I'm in CA btw, so gas is about $3.65 per gallon.
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Old 06-12-2019, 10:04 PM
 
1,605 posts, read 1,483,265 times
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My hubs drives 3000+ per month and gets .58
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Old 06-13-2019, 04:46 AM
 
9,654 posts, read 4,550,889 times
Reputation: 12530
Quote:
Originally Posted by Hwy phantom View Post
I don't get $500 and .35 cents. I get $500 and around .22 cents based on gas prices right now. I'm in CA btw, so gas is about $3.65 per gallon.

That adds up to about $16K per year for 48K miles. The trick for you is to buy a reliable but economical car for under $20K that can easily handle 200K highway miles. You'll have it paid off in a little over a year and then it's positive income after that plus you will have a car for personal use without the personal expense.



Put it this way, who here would rent a car and pay .58 per mile?
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Old 06-13-2019, 07:36 AM
 
13,040 posts, read 15,385,717 times
Reputation: 15282
Quote:
Originally Posted by reed303 View Post
Sorry, Trump's tax act dropped that deduction.

Per https://www.irs.gov/newsroom/irs-iss...rates-for-2019

"It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses."
Yeah. My husband drives 25,000 to 30,000 miles a year so not getting that deduction is a big difference. His company does not reimburse him other than paying for some of his gas.
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Old 06-13-2019, 08:15 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,772 posts, read 54,408,375 times
Reputation: 31063
Quote:
Originally Posted by joe from dayton View Post
Can you still get a tax break for the difference in the stipend and what the government allows?
Not any more, with the recent income tax changes, very few will be able to deduct anything.
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Old 06-13-2019, 08:30 AM
 
818 posts, read 1,539,869 times
Reputation: 630
Quote:
Originally Posted by oceangaia View Post
That adds up to about $16K per year for 48K miles. The trick for you is to buy a reliable but economical car for under $20K that can easily handle 200K highway miles. You'll have it paid off in a little over a year and then it's positive income after that plus you will have a car for personal use without the personal expense.



Put it this way, who here would rent a car and pay .58 per mile?




Yes. I did even better than that. Paid $7K for my truck and have put 240k miles on it so far. My coworkers haven't seemed to have made the correct decision unfortunately. One guy but a brand new Jeep and put 90K miles on it in two years.
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Old 06-13-2019, 12:44 PM
 
Location: Chandler, AZ
2,277 posts, read 1,153,510 times
Reputation: 5384
Quote:
Originally Posted by Hwy phantom View Post
I get paid a set amount of $500 a month and a variable mileage rate around 20-25 cents per mile depending on what the price of gas is at the time. I average about 3,500-4k miles per month so I'm getting somewhere around .35 cents per mile.

I think the deal I'm getting is pretty crappy considering the Federal rate is .58 cents per mile.
This is just for the driving part, right? You're getting a good salary besides this paltry driving reimbursement, correct?

You're wearing out your car here. How long is a car that's driven 40,000+ miles per year going to last? For this much driving, they should be providing the vehicle. You're essentially paying them for the privilege of driving around for them, unless you're making so much in salary that it doesn't really matter that every few years you have to have a new car. And I have difficulty believing that's the case.
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Old 06-13-2019, 12:46 PM
 
Location: Chandler, AZ
2,277 posts, read 1,153,510 times
Reputation: 5384
Quote:
Originally Posted by reed303 View Post
Sorry, Trump's tax act dropped that deduction.

Per https://www.irs.gov/newsroom/irs-iss...rates-for-2019

"It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses."
Good. Why should the taxpayer subsidize cheap employers?
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