Company Car For Personal Use
Description
How to fill out Arkansas Limited Liability Company LLC Operating Agreement?
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FAQ
Cents-per-mile rule. The business mileage rate for 2023 is 65.5 cents per mile. You may use this rate to reimburse an employee for business use of a personal vehicle, and under certain conditions, you may use the rate under the cents-per-mile rule to value the personal use of a vehicle you provide to an employee.
Put simply, the answer is yes. There are no restrictions in law on the use of your company vehicle for personal journeys. However, there is a caveat here. If your employer has told you that you may use your car for business journeys only, you must abide by this rule.
Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle generally results in taxable wages for the employee.
Basically, the heavier the vehicle, the more you can deduct. Light Section 179 vehicles. This is a vehicle with the manufacturer's gross vehicle weight rating (GVWR) listed at under 6,000 pounds (3 tons). This includes most passenger cars, crossover SUVs, and small utility trucks.
Per the IRS, most fringe benefits are taxable and must be recorded by both the employer and employee. Currently, the average personal use charge is $132 per recording period. Recording periods are typically monthly, however the time period is up to the employer.