Company Cars

Company Cars 101

Company Cars: Rules, Costs & Popular Cars

Company Cars For EmployeesCompany cars can be an extremely attractive perk for employees and have many benefits to the employer as well. [give estimated company vehicles on the road]

Should Companies Offer Vehicles To Employees?

Among the chief benefits of providing business vehicles for your staff is…

  • Increased Exposure: A company vehicle can act as a sort of “rolling billboard” for your business. Every time an employee is driving the company car, others are exposed to your business if you have signage on the vehicle. You see this quite effectively in many of the trades, such as electric, heating, plumbing, construction & real estate.
  • Visible Reward: Employee morale is incredibly important to the success of a business. The happier your employees are, the more productive they can be. In lieu of an actual bonus (i.e. more money) some company’s use a company vehicle as a reward and it works well in 2 ways.
    • It’s Not Common: If you work somewhere and only a select few people get a company car it can make you the employee feel special and committed to the company.
    • Other Employees See This: Many employees will see the employees that get company cars and aspire to hit the same goal. They may look at the company vehicle as the ultimate reward, and most importantly they’ll have to work hard to get it. It’s the ultimate trophy.
    • High-Quality Company: If you give out company vehicles your employees know you value them. Not all companies have this perk and the companies that do have employees that know there’s a very special, attainable reward that only high-quality companies can offer.
  • Flexibility: Much like private air travel or a company cell phone a company vehicle gives an employee a definite convenience factor, and more peace of mind to the company. As an employer, you know that your key people have a company vehicle to conduct business at any time, as necessary.
  • Professional Image: This could actually be one of the best reasons to offer a company car, your business’ image. When a company is looking to retain control of their “brand” or public image, especially if there are face-to-face meetings of any kind, such as repair, real estate showings, estimates, high-powered business deals – a vehicle is one of the first things the prospective client or customer sees. You want your vehicle to represent your business, goals, experience & results. Many companies that offer vehicles to their employees know the right vehicle can make the best first impression.

We know the reasons why businesses choose to offer company vehicles, but what we don’t know are the rules, costs or tax implications associated with running a fleet of business vehicles, or even a select few company cars.

So, let’s start from the top.

Rules For Company Cars

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Company Mileage

Company Mileage | Track Company Mileage For Employees

Company Mileage: Tracking & Requirements

“Do I have to reimburse my employees for their company mileage?”

This is one of the most common questions related to employee expense reimbursement. Employers want to know if they have to reimburse their workers for business-related expenses.

While most companies do have a reimbursement policy in place, as it’s deemed “fair” to reimburse workers that have spent their own money on company mileage, travel & other expenses. The law doesn’t actually require it.

As of 2018, only California & Massachussetts require companies to reimburse employees for business expenses.

We’re not at all advocating that the lack of a law requiring employee reimbursement is “right” or “fair” and that employers should suddenly quit reimbursing employees to take advantage of the savings.

No, we just have to report the facts as they’re written.

As it stands, self-employed individuals can deduct mileage and other business expenses on their taxes, however, W2 workers (employees) who used to be able to deduct unreimbursed business expenses such as company mileage are no longer allowed to deduct these expenses under the new tax rules.

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2019 IRS Standard Mileage Rate

2019 IRS Standard Mileage Rate

2019 IRS Standard Mileage RateMost recently the IRS released the IRS 2018 Standard Mileage Rate and in preparation for the 2019 IRS mileage rates, we’re creating this page in advance to keep you updated on mileage rate changes as they happen.

So, why do we update this page every year? Isn’t the standard mileage rate a fixed rate? Unfortunately, the mileage rate is not set value. The amount-per-mile fluctuates on a yearly basis by a penny or two, up or down.

For instance, in 2017 the rate was $0.535 per mile. In 2018 it’s $0.545 per mile. In 2019? Well, we don’t quite know yet (though, we’d guess it might rise a penny to $0.555) but when we do we’ll post it here as soon as the numbers are released.

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Mileage and Expense Tracking For Small Business

Small Business Mileage & Expense Tracking

Last updated on August 2nd, 2018 at 06:01 pm

Mileage & Expense Tracking For Small Businesses

Mileage and Expense Tracking For Small BusinessRight now over 400,000 freelancers, employees, self-employed individuals & small businesses in America use Everlance every day to automatically track their business mileage and expenses.

The average Everlance user sees over $6,500 in yearly deductions, and small businesses, especially those with high expenses and frequent vehicle travel see many times more than that.

Before we jump right into the “why’s” and “how’s”, we’d like to say that of all of the customer segments listed above, mileage & expense tracking for small business is one of the most important tax tools in your arsenal.

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Freelancers: How To Track Mileage & Expenses

How Freelancers Use Everlance To Track Mileage, Expenses & Revenue

Why do hundreds of thousands of freelancers use Everlance every day to track their business mileage, expenses & revenue?

Here are 3 great reasons.

1.) The average user finds over $6,500 in tax deductions.

2.) Everlance tracks your mileage, stores receipts and automatically uploads your expense transactions to create a detailed snapshot of your potential deductions.

3.) Because it works easily, automatically and with very little input.

With Everlance you get more than just mileage tracking, you get a complete solution: Mileage, Expenses & Revenue.

Why just track mileage when you may have other expenses that go along with a business trip, such as fuel, hotel, food & parking? And if you’re a freelancer that collects money for gigs – why not include revenue as well? So that’s exactly what we did!

Without further ado, let’s dive into how Everlance works by seeing how freelancers use our product to save money every year.
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