Comments on: IRS lowers(!) mileage rate: Brace for the backlash http://www.cfodailynews.com/irs-lowers-mileage-rate-brace-for-the-backlash/ No-nonsense Finance news and insights to grow your bottom line Tue, 31 Aug 2010 18:31:16 +0000 http://wordpress.org/?v=abc hourly 1 By: Plato http://www.cfodailynews.com/irs-lowers-mileage-rate-brace-for-the-backlash/comment-page-1/#comment-35377 Plato Mon, 24 May 2010 15:41:55 +0000 http://www.cfodailynews.com/?p=4538#comment-35377 Oh please. The mileage rate was increased when the cost of gasoline was well over $4 a gallon. Now it's a little over $3. Even if the car gets a crummy 15MPG, at $.50 the owner will still be reimbursed $7.50 per gallon. At 25MPG one can expect $12.50 per gallon. More than enough to cover the gas, insurance and wear and tear. "Staffers" should consider owning vehicles that get good mileage and have a low cost of ownership instead seeing themselves as big shots because they got their MBA at 24 and now expect to be treated like royalty and drive expensive, unreliable exotics, or monsterous SUV's like Suburbans and Escalades. Oh please. The mileage rate was increased when the cost of gasoline was well over $4 a gallon. Now it’s a little over $3. Even if the car gets a crummy 15MPG, at $.50 the owner will still be reimbursed $7.50 per gallon. At 25MPG one can expect $12.50 per gallon. More than enough to cover the gas, insurance and wear and tear. “Staffers” should consider owning vehicles that get good mileage and have a low cost of ownership instead seeing themselves as big shots because they got their MBA at 24 and now expect to be treated like royalty and drive expensive, unreliable exotics, or monsterous SUV’s like Suburbans and Escalades.

]]> By: Richard http://www.cfodailynews.com/irs-lowers-mileage-rate-brace-for-the-backlash/comment-page-1/#comment-30915 Richard Tue, 06 Apr 2010 17:39:18 +0000 http://www.cfodailynews.com/?p=4538#comment-30915 Option 3 makes no sense. If the company pays more than the IRS rate, the excess becomes taxable income. It is not a deduction. If the company pays less than the IRS allows, the company will take the heat for shorting the employee and even if the employee manages to deduct what the company shorts him, it is not extra money. Option 3 makes no sense.

If the company pays more than the IRS rate, the excess becomes taxable income. It is not a deduction. If the company pays less than the IRS allows, the company will take the heat for shorting the employee and even if the employee manages to deduct what the company shorts him, it is not extra money.

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