Car For Company Use
Description
How to fill out Arkansas Limited Liability Company LLC Operating Agreement?
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FAQ
Here's the bottom line: If you drive a lot for work, it's a good idea to keep a mileage log. Otherwise, the actual expenses deduction will save you the most.
PUCC on W-2 form Report the value of the personal use of the company vehicle on the employee's Form W-2. Include the amounts in Boxes 1, 3, and 5. Also, report the amounts you withheld in Boxes 2, 4, and 6.
You could arrange with your employer to pay the company for your personal use of a company car. But, it is more common for employees to keep a record of both their personal and business use of the company car. Then, the employer will withhold taxes from your pay based on the value of the company car personal use.
This method is one of the simplest to calculate when personal use is involved. With the cents-per-mile method, fair market value of the employee's personal usage of the vehicle is determined simply by multiplying the number of personal miles driven by the IRS Standard Mileage Rate (65.5 cents for 2023).
The maximum first-year depreciation write-off is $12,200, plus up to an additional $8,000 in bonus depreciation. For SUVs with loaded vehicle weights over 6,000 pounds, but no more than 14,000 pounds, 100% of the cost can be expensed using bonus depreciation in 2023.