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Take home company car?

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I do not where else to put this so I am wondering if its smart to take home a company car for $128 every month 64 every 2 weeks. Fuel, maintenance is included.

Edited by helpmeout

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Will this allow you to get rid of an existing vehicle and the associated costs (depreciation, insurance, gas, maintenance, repairs)?

 

Approximately how many personal miles do you drive per month, and would you put all/nearly all of those on this work vehicle instead?

 

Is any part of this arrangement considered taxable income?

 

Do you have sufficient parking to conveniently accommodate another vehicle?

 

You might ask to have this moved to General Discussion or Money Management if you don't get a lot of response.

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The reason I am asking is because like I said cost of gas and maintenance is included. I just replaced 2 front tires and that costed me close to $500 because I have Toyota Venza v6 fwd with 20 inch rims stock. It will just eliminate my need to go back to and from work. There’s also another benefit which means I can have an hr longer sleep. I’ll use it to get back and go to work+gym+ shopping. It won’t make me sell my car though,

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Take $1,536 - (annual miles shifted to company car * $0.50) to estimate your net annual cost.

 

Then you can decide if the net cost and the associated convenience are in line given your overall financial picture. If you have 6-12 months of emergency savings, you're maxing your pre-tax contributions to your 401k, don't have any high-interest debt, etc., then I wouldn't feel guilty about buying some convenience.

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What year, make, model vehicle is proposed for the benefit?

The benefit is me not having to wake up early, and not having to worry bout fuel cost or maintenance on the car except $128 every month. It doesn't really matter what the car is but its a 2018 toyota tacoma sr5.

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Damnn, excuse me for asking. I was just curious. Most likely under IRS regulations, your company may have to report and collect taxes on the benefit amount.

 

Enjoy your vehicle.

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Damnn, excuse me for asking. I was just curious. Most likely under IRS regulations, your company may have to report and collect taxes on the benefit amount.

 

Enjoy your vehicle.

is that a good thing that it gets reported to taxes? Should I get it or no?

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I am not a tax accountant, But I suppose the dollar amount actually paid is low enough to certainly make it worthwhile. I just wanted you to be aware that there may be some tax consequences. In my case when I was driving a demo, I was taxed on a monthly amount of $500.00. I got the vehicle, not the money. And also paid taxes on it, because it was on my W2. To me, it was not worth it, and I opted for a cash demo allowance sans the vehicle. I got $350.00 monthly as a demo bonus which was taxed, which worked out better in my case.

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I don't understand taxing but I took my company car home and my insurance rate went down $36 for 6 month premium which is like $6 per month because I told my insurance I would drive my car less which is true. Well see how it goes and if I am satisfied with it because so far its a benefit for me right now. Sleeping in 1 hour later is worth it so far.

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I don't understand taxing but I took my company car home and my insurance rate went down $36 for 6 month premium which is like $6 per month because I told my insurance I would drive my car less which is true. Well see how it goes and if I am satisfied with it because so far its a benefit for me right now. Sleeping in 1 hour later is worth it so far.

 

So you have no idea what the tax implications are? I would be sleeping less, not more.

Edited by cv91915

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I don't understand taxing but I took my company car home and my insurance rate went down $36 for 6 month premium which is like $6 per month because I told my insurance I would drive my car less which is true. Well see how it goes and if I am satisfied with it because so far its a benefit for me right now. Sleeping in 1 hour later is worth it so far.

 

So you have no idea what the tax implications are? I would be sleeping less, not more.

 

 

This.

 

What CV is trying to say is that at the end of the year, your W-2 will show an additional $1,536 in Income that you will have to pay taxes on to which no witholdings were made. Whatever the tax on that for your bracket is, you will owe the full amount of it since you didn't have anything withheld during the year.

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