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"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."
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?
"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.
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.
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.
"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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