Re: Company car and taxes - Saab NG900 & OG9-3 Bulletin Board - Saabnet.com
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Re: Company car and taxes
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Posted by claude [Email] (more from claude) on Fri, 21 Dec 2001 08:52:58 Share Post by Email
In Reply to: Company car and taxes, Wayne Dowers, Fri, 21 Dec 2001 00:00:06
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I'm in the same boat but being that I work for a real prick now (self employed:-) I get to drive a Viggen. The answer to your question depends where you live (USA I presume?) and a bit on your employer. I was an employee for many years always with a co. car. I kept records for my expense acct. at my employer's request (miles driven and where) but they never reported anything and I never had to pay a nickel in taxes on my private use of the car. I have heard though that in theory the employee is supposed to declare as income the percentage of the vehicle use commensurate with the percentage driven on non-business miles. In your case, the IRS would definitely see the car as a perk, as you clearly don't need it for work for the majority of it's use. At that point, it's up to you and your employer to see if they report the added value of the car on your W-2 as income (which many companies do, esp. in Canada) If they do not, then it is up to you and your tax accountant to decide whether or not to declare it. The other big issue is whether or not you own a "personal" vehicle for use when the co. car is not available. If the answer is yes, then I'd lay low and let your emplyer make the first move, if any.

In any case, don't trust what you read on the internet (me included) and talk to your tax guy.

Enjoy your co. car.

Claude



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