questions → how much does your company pay for mileage?

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How much does your company pay for mileage?

Feb 8, 2013 12:59 AM

If you use your own vehicle for work and your company reimburses for mileage, how much are they giving you?

phillystyle phillystyle

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Right now our company is paying $0.50/mile, which is less than the IRS standard mileage rate of $0.565/ mile. The usually keep paying a rate until enough people complain, then they raise it to the current IRS rate. We've been using $0.50 for awhile.

lmensor lmensor
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It depends upon the company.
My company uses the $0.55/mile government figures. But, we're primarily a government contractor, so that's not surprising.

gt0163c gt0163c
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was getting .45 last year but I am getting .50 this year

conanthelibrarian conanthelibrarian
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Federal standard -- 56.5c per mile (per 1 JAN), prior to, it was 55.5 I think.

sgrman05 sgrman05
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50c per mile but I put my fuel on the company amex.

coreyking coreyking
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Can you can claim the difference on your taxes?

scmtim scmtim
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@scmtim: You might be able to take the diff on your taxes. If you are an employee, you need to fill in Form 2106, which will calc amt not reimbursed by your co.

A couple of things to consider:
1. Do you itemize on your tax return? The results from this form are then transferred to your Schedule A (Itemized deductions).
2. Is this the only emp bus. expense that is not covered? Other items can be added to this form. All these expenses (along with tax prep fees, gambling losses up to the amount of gambling income reported, legal expenses incurred to collect taxable income, i.e. employment, alimony,or tax advice), safe deposit box fees,and the cost incurred to pay last year's taxes by cc to name a few). The total is then subject to the 2% limit of your adjusted gross income (last number on page 1 of Form 1040). Any amt > than the 2% figure is then used on Sch A to get the total of your itemized deductions.

Lots of hoops to jump through to get to deduct them. Good Luck!

lynnaux lynnaux
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Thanks for the replies guys. It's gone up significantly since I last got this little reimbursement.

phillystyle phillystyle

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