Menu
Home
Forums
Forums
Quick Links
Search Forums
Recent Posts
job listings
catering
whistleblower info
legal help
advertise on CP
submit press release
Menu
Log in
Sign up
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
More...
Useful Searches
Recent Posts
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Neurocrine
>
Car allowance????
>
Reply to Thread
Name:
Verification:
Answer the above question:
(
CustomImgCaptcha
By
Surrey Forum
)
Message:
<p>[QUOTE="anonymous, post: 6060176"]Giving some input here from experience, I’ve had a company cars and now have allowance. I love the allowance and would argue in favor of it any day of the week. Pro tips...</p><p><br /></p><p>Buy well. Get a good car, used (a few years old) but that has a reputation of going to 200k no problem. </p><p><br /></p><p>Get a car with good gas mileage. </p><p><br /></p><p>Do the math here with me:</p><p><br /></p><p>My current company gives us 650 (taxable) I net about 525.00 per month. </p><p><br /></p><p>We get .19 per mile reimbursed to cover gas. Based on current gas prices, most of my miles are highway - I net about .08 per mile I drive on average - 3000 miles a month, thats another 240.00 I make driving my own car (which I bought outright) so no car payment. </p><p><br /></p><p>So after taxes, that’s almost 800.00 a month. I get it, I’ve got to maintain it, tires, insurance, I know. But you still come out ahead if you buy smart and don’t go getting a lease for something expensive. </p><p><br /></p><p>HERE IS THE BIG PART MOST PEOPLE MISS. That .19 per gallon is a non-taxable business reimbursement. The IRS allows a deduction of 54.5 cents per business mile (which is every mile you drive for work when you are field based - even leaving your house to first call.) Subtract the 19 cents you get reimbursed from the 54.5 and that is a 35.5 per mile UNREIMBURSED business expense that is fully deductible. So as I said earlier, I average 3000 miles per month, 36000 miles per year x .355 = a deduction on your tax return of $12,780.00 that I claimed last year. </p><p><br /></p><p>I hope that helps. The math works for me and I am happy to be driving what I want (I got a convertible) it’s something I can sell off I wanted if I got laid off or found a job with company car. </p><p><br /></p><p>Good luck all.[/QUOTE]</p><p><br /></p>
[QUOTE="anonymous, post: 6060176"]Giving some input here from experience, I’ve had a company cars and now have allowance. I love the allowance and would argue in favor of it any day of the week. Pro tips... Buy well. Get a good car, used (a few years old) but that has a reputation of going to 200k no problem. Get a car with good gas mileage. Do the math here with me: My current company gives us 650 (taxable) I net about 525.00 per month. We get .19 per mile reimbursed to cover gas. Based on current gas prices, most of my miles are highway - I net about .08 per mile I drive on average - 3000 miles a month, thats another 240.00 I make driving my own car (which I bought outright) so no car payment. So after taxes, that’s almost 800.00 a month. I get it, I’ve got to maintain it, tires, insurance, I know. But you still come out ahead if you buy smart and don’t go getting a lease for something expensive. HERE IS THE BIG PART MOST PEOPLE MISS. That .19 per gallon is a non-taxable business reimbursement. The IRS allows a deduction of 54.5 cents per business mile (which is every mile you drive for work when you are field based - even leaving your house to first call.) Subtract the 19 cents you get reimbursed from the 54.5 and that is a 35.5 per mile UNREIMBURSED business expense that is fully deductible. So as I said earlier, I average 3000 miles per month, 36000 miles per year x .355 = a deduction on your tax return of $12,780.00 that I claimed last year. I hope that helps. The math works for me and I am happy to be driving what I want (I got a convertible) it’s something I can sell off I wanted if I got laid off or found a job with company car. Good luck all.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Neurocrine
>
Car allowance????
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Neurocrine
>
Car allowance????
>