Company truck or vehicle stipend?

[evantwheeler]

How are you guys deducting mileage on your taxes now, I could find no way to do so on my taxes in 2019. The only deductions allowed for qualified business travel expenses on a personal return were for military, some types of entertainers, and I think medical workers.

Having had a company truck for 10 years, and now using my own with an allowance for the last year, I would go company truck route 100%.

 

[DLC]

Good points for sure. Also even if the work truck is 4x4 is doesn't eliminate my truck. I wouldn't take my company truck hunting. Get it stuck and break something a couple hundred miles from home would not be great.

My brother n law got into a random fender bender, Not his fault!
He had to go take a drug screen panel test - it’s was required!

This just something to be aware of.

 

[HubbaHubbaLife]

YeahYeah... good feedback on here for ya... everyones making fine points. I've had company vehicle packages for something like 30 years and I've done it both ways. I prefer to take a company vehicle.... vehicles are depreciating assets always..... and on a company owned vehicle you don't pay any costs associated with running it, gas, tires, insurance, etc... notta. [Companies with fleets are always self insured] Over time companies bean counters have taken different positions on which benefits their positions. Originally when the concept of company fleet vehicles arrived it was through larger drug/ pharma cos to be used as a hiring/ recruiting incentive for the reps. Today unfortunately its a gps/ geo tracking tool and you can best believe they'll be able to "see" monitor your activities if they own the vehicle. I saw your comment saying the opposite but their liability exposure if the company employee is at fault can run in $ millions. closing down a boutique firm. Many fleet vehicles are running cameras as well. But heck, the company phones can monitor your activities as well so most of us have simply given into Big Brother many years ago. Take the freebie.... its real nice not having that expense... just be sure to ask if you can use it unlimited on the personal side.

 

[RiverDave]

Take stipend if it means still keeping a personal truck.

x100

 

[Your ad here]

I would get the company vehicle but push for something comfortable and will not make your job harder. Putting 1000 miles a week on a personal vehicle sucks, even with reimbursements and allowance.

 

[TITTIES AND BEER]

I get .58 a mile to use mine so going home and back 600$ it costs me 150-160 $ to drive (6 hour drive ) if I’m 8 -12+ hours I fly on there .10 they pay airport parking I hate flying

 

[YeahYeah01]

YeahYeah... good feedback on here for ya... everyones making fine points. I've had company vehicle packages for something like 30 years and I've done it both ways. I prefer to take a company vehicle.... vehicles are depreciating assets always..... and on a company owned vehicle you don't pay any costs associated with running it, gas, tires, insurance, etc... notta. [Companies with fleets are always self insured] Over time companies bean counters have taken different positions on which benefits their positions. Originally when the concept of company fleet vehicles arrived it was through larger drug/ pharma cos to be used as a hiring/ recruiting incentive for the reps. Today unfortunately its a gps/ geo tracking tool and you can best believe they'll be able to "see" monitor your activities if they own the vehicle. I saw your comment saying the opposite but their liability exposure if the company employee is at fault can run in $ millions. closing down a boutique firm. Many fleet vehicles are running cameras as well. But heck, the company phones can monitor your activities as well so most of us have simply given into Big Brother many years ago. Take the freebie.... its real nice not having that expense... just be sure to ask if you can use it unlimited on the personal side.

Great points and I appreciate the response.

 

[YeahYeah01]

I would get the company vehicle but push for something comfortable and will not make your job harder. Putting 1000 miles a week on a personal vehicle sucks, even with reimbursements and allowance.

Yeah definitely. Going from a maxed out larime to a pos would be hard to get with with that kinda wind shield time.

The truck with be a newer decent equipment f150 crew cab. So not bad at all.

 

[YeahYeah01]

How are you guys deducting mileage on your taxes now, I could find no way to do so on my taxes in 2019. The only deductions allowed for qualified business travel expenses on a personal return were for military, some types of entertainers, and I think medical workers.

Having had a company truck for 10 years, and now using my own with an allowance for the last year, I would go company truck route 100%.

Yeah that's what I found out for my taxes as well. I had a side consultant gig that requires a lot of driving so I was able to get some deductions but had very little this year with Covid so I probably won't have anything to write off this year.

 

[HBCraig]

I have chosen a personal truck with a stipend. Every time. I like choosing my own truck.

 

[YeahYeah01]

Appreciate everyone's input!

I'm going to run the numbers but I'm leaning towards the company truck. I know I'm going to mentally have a hard time putting that kind of miles on my personal truck, even though they are meant to be driven I just bugs me for some reason. Besides blowing through my warranty fast as well.

 

[Bobby V]

Appreciate everyone's input!

I'm going to run the numbers but I'm leaning towards the company truck. I know I'm going to mentally have a hard time putting that kind of miles on my personal truck, even though they are meant to be driven I just bugs me for some reason. Besides blowing through my warranty fast as well.

Yep. I have had a work truck for 34 years. Can't beat all the perks that come with it. I bought a new 2020 Tahoe 5 months ago I have only have 4K miles on it. Mostly trips to Havasu.

 

[HBCraig]

I should have qualified my take.

Personal truck all the way. I get $850 per month and they pay for all of my fuel.

Lastly, brakes, tires etc I write off if I can since they don't cover that. Car washes too. I expense that.

Same with my toll road fee

 

[JD D05]

This has probably been mentioned already but I think you want to remove as much risk in your life you can. If something ever happened with your job you hand the keys over. If it is your truck its your debt I assume. Also its not on your credit plus less income.

 

[77charger]

I had a company truck for 15 years it was great no fuel to pay it broke company took care of it etc.I had it cause i left from home to go to job sites or come straight home from last job,

Plus working for best friends helped too.I used it for all my personal around town local driving too.Had gps tracking but didnt matter to them.

 

[YeahYeah01]

I had a company truck for 15 years it was great no fuel to pay it broke company took care of it etc.I had it cause i left from home to go to job sites or come straight home from last job,

Plus working for best friends helped too.I used it for all my personal around town local driving too.Had gps tracking but didnt matter to them.

Nice. The ownership here is pretty awesome. Not to worried as long as I don't do stupid stuff.

 

[HubbaHubbaLife]

I should have qualified my take.

Personal truck all the way. I get $850 per month and they pay for all of my fuel.

Lastly, brakes, tires etc I write off if I can since they don't cover that. Car washes too. I expense that.

Same with my toll road fee

I didn't see where YeahYeah had posted his company stipend and I meant to ask him.... $850/ mth and a gas card is top of the market offering these days. Most seem to fall around $650-750 and a gas card. At $850 I'd most likely get my own vehicle... in that scenario the company is actually paying off your company vehicle over time. There's value in that.

 

[LowRiver2]

I remember Glamis days where paving co. Supervisors were taking their Marked company trucks out there (against said co. Rules), my ex knew all the paving CO’s and knew who could and could not drive trucks off duty.

I’ve been in dept. take home rides 15 of 28 years.
Sure kept the mileage and maintenance down but we didn’t have write offs either

 

[Uncle Dave]

The trend everywhere is to make you use your own rig.

Jobs that include rigs are getting rare.

My first big boy job the office manager pulled 24K in cash from a safe and told me to buy an American car w 4 doors and " no leather" - I bought an impala SS.

My second big boy gig handed me 600 mon plus gas

My next two gigs paid mileage.

 

[D19]

Company truck = Company Liability.

Don't mix personal and business. Take the company truck.

 

[sirbob]

In the old days - the car allowance wasn’t taxed. Pretty sure it is for everybody now. At least it is for all the sales people I work with now.

If you have the choice I would take the company car every time.

 

[Riverbound]

I run a Company truck and a personal truck. Bought exactly what I wanted as a Perosnal truck without having to worry about the daily driver aspect. And have the small truck to zip around town in every day. The other beauty is if my employer and I decide to go seperate ways, I’m not sitting on a curb with no car (been there F-that)

 

[evantwheeler]

....Lastly, brakes, tires etc I write off if I can since they don't cover that. Car washes too. I expense that.

Same with my toll road fee

How do you do this, because I could not find a way to write off any personal business expenses (mileage, vehicle maintenance on a personal vehicle used for business) on personal taxes in 2019 due to changes in the tax laws. I just hate for people to think they can write off expenses that they cannot.

 

[YeahYeah01]

I didn't see where YeahYeah had posted his company stipend and I meant to ask him.... $850/ mth and a gas card is top of the market offering these days. Most seem to fall around $650-750 and a gas card. At $850 I'd most likely get my own vehicle... in that scenario the company is actually paying off your company vehicle over time. There's value in that.

$800 plus a card. So pretty decent. Looking at the numbers I think I would find out ahead with the stipen barring any major out of warranty repairs. But the more I think about it, making a little more at the end of the year to beat my truck up just doesn't seem worth the headache.

Maybe if the used market calms a little and I can get something used that I wouldn't mind driving into the ground I might change it up.

 

[YeahYeah01]

I run a Company truck and a personal truck. Bought exactly what I wanted as a Perosnal truck without having to worry about the daily driver aspect. And have the small truck to zip around town in every day. The other beauty is if my employer and I decide to go seperate ways, I’m not sitting on a curb with no car (been there F-that)

View attachment 944554 View attachment 944555

I bought this truck that I have now and it's exactly what I wanted to. I drive it for work now but it's not anything crazy with miles. But I'm taking over my division to help get it back in track so I will be driving much more. I don't like the idea (the more I've been thinking) of just driving this rig into ground.

 

[Singleton]

I bought this truck that I have now and it's exactly what I wanted to. I drive it for work now but it's not anything crazy with miles. But I'm taking over my division to help get it back in track so I will be driving much more. I don't like the idea (the more I've been thinking) of just driving this rig into ground.

if it was me, I would take company truck or purchase a used vehicle and park my nice ride for personal use

 

[Riverbound]

How do you do this, because I could not find a way to write off any personal business expenses (mileage, vehicle maintenance on a personal vehicle used for business) on personal taxes in 2019 due to changes in the tax laws. I just hate for people to think they can write off expenses that they cannot.

Run a small side hustle business.

 

[Singleton]

Run a small side hustle business.

that worked well until March
all three side hustles have had zero revenue since April. Tax season going to hurt this year

 

[Riverbound]

that worked well until March
all three side hustles have had zero revenue since April. Tax season going to hurt this year

My side hustle looses money all the time

 

[Singleton]

My side hustle looses money all the time

all 3 are looses this year. One is getting closed and will be reorganizing

 

[yz450mm]

My side hustle looses money all the time [emoji2371]

How many years can a new Corporation lose money, then carry It forward? Oh wait, I don't know, my tax guy tells me what to do... LOL

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[YeahYeah01]

that worked well until March
all three side hustles have had zero revenue since April. Tax season going to hurt this year

Yup!

 

[Badchoices03]

I have a similar dilema now and didnt want to start a whole new post for it.

My company for years has provided company vehicles, nice sedans like Altimas, Camarys, small suvs, like Ford Edge, Escape etc. These vehicles are for work and personal use, they even add your spouse to the company insurance so they can drive the vehicle occasionally. Leases were for 3 years and when you were up for a new vehicle they would let you pick from about 3 different vehicle models and trims, but would let you choose the exterior and interior colors.

I am now up for my next vehicle. This is where I am torn. The choices are a 2021 Ford Edge SEL, same as before, I can choose the exterior/interior color. The other option is a 2021 Ford F150 XLT 4x4 with the 5.0 V8, my only choice is black with cloth interior. I would normally just jump right on the F150 as a truck makes more sense for me personally, the only caveat of that is that if you go with the truck, it HAS to have our company logo on the doors and tailgate, something about insurance and liability issues and it being a truck, it has to have it.

So I can either get the Edge in any color, with no company logo, or the F150 in black with the company logo plastered on it.

I know, I know, my wife says i am putting too much thought into it and i should just be happy with anything they are giving me. But this vehicle is basically my daily driver for the next 3-4 years, so i just am trying to make the right decision.

 

[Nordie]

I have a company truck, and kind of the same stipulations, light personal use etc...

Then I have my weekend personal truck that's really just a beater to get me to home depot or wherever I feel like. Best kind of truck it's paid for and cheap insurance.

If I didn't have a company truck then absolutely have a nice truck that's not just sitting in the driveway.

 

[hallett21]

I have a similar dilema now and didnt want to start a whole new post for it.

My company for years has provided company vehicles, nice sedans like Altimas, Camarys, small suvs, like Ford Edge, Escape etc. These vehicles are for work and personal use, they even add your spouse to the company insurance so they can drive the vehicle occasionally. Leases were for 3 years and when you were up for a new vehicle they would let you pick from about 3 different vehicle models and trims, but would let you choose the exterior and interior colors.

I am now up for my next vehicle. This is where I am torn. The choices are a 2021 Ford Edge SEL, same as before, I can choose the exterior/interior color. The other option is a 2021 Ford F150 XLT 4x4 with the 5.0 V8, my only choice is black with cloth interior. I would normally just jump right on the F150 as a truck makes more sense for me personally, the only caveat of that is that if you go with the truck, it HAS to have our company logo on the doors and tailgate, something about insurance and liability issues and it being a truck, it has to have it.

So I can either get the Edge in any color, with no company logo, or the F150 in black with the company logo plastered on it.

I know, I know, my wife says i am putting too much thought into it and i should just be happy with anything they are giving me. But this vehicle is basically my daily driver for the next 3-4 years, so i just am trying to make the right decision.

Assuming you can use it for personal use F150 every time.


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[Javajoe]

I got the stipend. 600 a month. I drive 10 minutes to my job lol. I don’t want 2 trucks at my house on the weekend and every night

 

[YeahYeah01]

I have a similar dilema now and didnt want to start a whole new post for it.

My company for years has provided company vehicles, nice sedans like Altimas, Camarys, small suvs, like Ford Edge, Escape etc. These vehicles are for work and personal use, they even add your spouse to the company insurance so they can drive the vehicle occasionally. Leases were for 3 years and when you were up for a new vehicle they would let you pick from about 3 different vehicle models and trims, but would let you choose the exterior and interior colors.

I am now up for my next vehicle. This is where I am torn. The choices are a 2021 Ford Edge SEL, same as before, I can choose the exterior/interior color. The other option is a 2021 Ford F150 XLT 4x4 with the 5.0 V8, my only choice is black with cloth interior. I would normally just jump right on the F150 as a truck makes more sense for me personally, the only caveat of that is that if you go with the truck, it HAS to have our company logo on the doors and tailgate, something about insurance and liability issues and it being a truck, it has to have it.

So I can either get the Edge in any color, with no company logo, or the F150 in black with the company logo plastered on it.

I know, I know, my wife says i am putting too much thought into it and i should just be happy with anything they are giving me. But this vehicle is basically my daily driver for the next 3-4 years, so i just am trying to make the right decision.

1st world problems we have here lol.

Do you have a truck already or would this be the soul truck? I would still probably take the truck even with the logos. Thats a bad part of the aluminum body, you cant use magnetic logos. Or use magnetic blank logos to cover up other logos.

 

[YeahYeah01]

I got the stipend. 600 a month. I drive 10 minutes to my job lol. I don’t want 2 trucks at my house on the weekend and every night

Yeah I was getting $500 and but not driving all that much but so far I am glad I took the work truck, I've been putting some miles on it!

 

[bilz]

Stipend with a gas card and a Tundra all day, if I had a choice.

 

[highvoltagehands]

I think a big part of the decision rests with the type of industry you’re in. if its sales and you’re not hauling a bunch of company equipment/tooling around and can easily be used in low risk environment and after hours, I might consider the stipend depending on the amount. If you’re in construction like myself with a truck full of tooling that gets off road, construction site and high risk use, definitely take the company truck. They pay for fuel, maintenance, cleaning, depreciation and liability/insurance.
One important perk no one has mentioned if you get tickets/accident in personal rig you have increased rates if you can’t hide them with traffic school. in company truck tickets/accidents may go on your record, but if you get a letter from company showing ticket/accident was in company truck on company time your insurance company won’t increase your rates even though you’ve received points on your dmv record.
Ask me how i know.....