When an employee drives a personal vehicle as part of their job, the company typically reimburses the driver for the cost of the business use of the vehicle. Many employers pay a cents-per-mile rate...
It's tax season again and time to review the IRS rules regarding business mileage deductions. The Tax Cuts and Jobs Act (2017) made major changes to the rules around miscellaneous tax deductions that...
Every year, when the IRS releases its new standard mileage rates, a new maximum standard automobile cost for FAVR programs is released. The cap for 2022 was increased significantly over 2021.
In 2017 Congress passed a massive tax reform for the years 2018-2025. Under the rules of these tax years, paying a taxable car allowance just isn't worth it.
