Vehicle Allowance

[BigN8]

Anyone out there have a company car/truck and get a vehicle allowance? I currently have one but my current company just buys the car and I drive it and expense the gas. Thinking about taking a new job and the offer on the table is $675/month, plus expense gas. Is this in line with the national average? I understand the $675 will be considered taxable income. I think I can also claim a portion of the miles on my tax return??

 

[Topper232]

I'm also in sales and the company that I've been with for 18 years also has a car allowance. It was $350 month, taxed, for most of that time. They finally bumped it to $500 about 3 year ago. I still think that it's below the average. Even though they pay for tolls/gas, living in NJ, we have some of the highest car insurance rates in the country. The $500, after taxes, does not cover my car payment completely, or any insurance or any maint. The "plus" to this is that I get to drive what I like, i.e. my truck.

 

[BoaterGuy]

My girlfriend gets $350 and cant expense gas and only gets reimbursed after 1000 miles for mileage. The $350 is taxed as well. $675 sounds pretty good to me.

I think you can deduct your vehicle payments and depreciate it on your taxes too.