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The Key to Your Answer Is..
Posted by gatorcpa [Email] (more from gatorcpa) on Wed, 26 Dec 2001 11:19:58
In Reply to: Company car and taxes, Wayne Dowers, Fri, 21 Dec 2001 00:00:06
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... whether or not you work from home and if your employer has the ability to provide you with office space.
If you are commuting each day to an office and use the car mostly personally, then look forward to a big tax bill at the end of the year since you will be taxed on the annual leased value of the vehicle times the personal use percentage, which includes commuting to your office. The IRS has a detailed publication on business usage of autos, I suggest you look it up on their web site (http://www.irs.gov).
If you work from home and your employer has no local office, there is an argument that all mileage for business usage (including commuting to a customer's office) is business related.
If your employer has a fleet of similar cars, they may have made a deal with IRS to treat a fixed amount (basedon the car's value) as part of your compensation. Check with your company's HR dept.
If you are outside the USA, I can't help.
Good Luck, Hope this Helps,
Gatorcpa
'00 9-3 convertible (personally leased!)
posted by 208.249.9...
IRS Web Stire
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