Tax Gents...

[dogface]

So here is a taxation question for those so inclined to answer, and those more educated than I am in terms of tax laws/codes.

I am being prepared an offer to join another company. This particular position does not provide a vehicle, but does provide a car allowance (monthly) and I believe .20 a mile. I believe the 20 cents is taxable, but what about the car allowance itself?

The reason for asking is I was told it was a tax free car allowance from the company. But for some reason I don't understand why it isn' taxed? I should preface it with over the last 4-5 years my employers have always provided me with a vehicle, insurance and gas. This company provides the car allowance (to pay for car and insurance), the 20 cents a mile, and reimburses me for gas....

Just curious as to the truth or reality... as it makes up my mind on the type of car I would purchase.... if taxed of course a less expensive, and if not of course a trifle bit more car.


Thanks in advance for the replies!


TSI

 

[ELVIS]

i may be mistaken, but there is a minimum/maximum associated with mileage money. my brother gets .48 per mile and it is not taxed. if he were to accept say " .55" it would be taxable income. i do not believe .20 is taxable, but i am not a tax guy by trade.

the "tax free" car allowance may not be taxed by your company when they pay it to you, but you may be responsible for reporting it.....i don't know about this.

 

[dogface]

the "tax free" car allowance may not be taxed by your company when they pay it to you, but you may be responsible for reporting it.....i don't know about this.

Yeah, that is the big question! I don't want to take a hit at the end of the year on this, sp just attemtping to be prudent. It can be easily done, but the desire is to stay equal to or a bit under the car allowance in terms not using my own fund..thus curious as to wha tthe amount truly would be taxed vs untaxed. And if not taxed now, and I must report it... what hit will I take then.

Thanks for the reply, anyone else???



TSI

 

[BobbyBlueChip]

Not sure about the car, but the commissions earned from being a financial representative for DEG Invest are fully taxable.

Revenues made from being a tout are not taxable (unless you made more than the cost of your web site hosting expenses which probably isn't that likely)

Hope this helps.

 

[THE KOD]

I love the smell of napalm in the morning.

Its the smell of Victory.

 

[dogface]

Alright, feel free to bring the post to it's orignal roots which is a legit question.

TSI

 

[BobbyBlueChip]

I'm sorry, my bad.

Tax Professionals : dogface needs advice which he doesn't want to pay for and doesn't want to look up on his own. I know you're busy, but help a brother out!

 

[dogface]

You must be lonely, but I must apologize... I don't swing that way!!

If you ever care to visit, we can continue our conversation!

TSI

 

[THE KOD]

Sounds like a threat to me.

 

[kosar]

I'm sorry, my bad.

Tax Professionals : dogface needs advice which he doesn't want to pay for and doesn't want to look up on his own. I know you're busy, but help a brother out!

:mj07:

 

[dogface]

You guys sleep together?

I see some definite tendencies there, one of you posts...the other one has to pop in and laugh at the other or type a little :mj07: to show support/approval. I am amazed at such antics from what appears to be at least one professional in the group, your an Investment Broker right Kosar... your clients would be impressed. Your political views, your dedication towards showing other people up on a gambling forum...very IMPRESSIVE!

BBC, I could give 2 cents about you, really don't read your posts, never have, just another FIB in my books. Of course you do no what that means.

Scott-Atlanta feel free to stir the pot... I don't make threats... it is a freaking posting forum where most people like to hide behind some character they create, or get the courage to mouth off in the safety of their own keyboard and office. Albeit, these two joker's might be doing it with there pants down to one of Dr. Strangelove's posts! Now that is tough, stroking the ego with one hand typing, and stroking the swinging dick with the other. :jerkit: Kudo's to them! LMAO!!

But, I travel a bit, and I am sure some people come to MN. Let me know when you are visiting, we'll sit down, share our views, and discuss any issues that you may have. It will also give me a chance to see just how much of a smart ass you guys are to my face. Now that would be funny! So continue on with your sophomoric ways I just have to put you all back on Ignore!!!

TSI

Hey guys, don't splatter the keyboard: :em38: :em38: :em38: :em38:

 

[kosar]

Hello Dogface,

For one, nobody travels to Minnesota for anything.

For two, i'm not an 'investment broker.'

Hope this helps.

 

[BahamaMama]

Hello Dogface,

For one, nobody travels to Minnesota for anything.

For two, i'm not an 'investment broker.'

Hope this helps.

excuse me sweetie!!!!!!!!!! i happen to be traveling there next weekend for the superbowl....LOL (imagine that after all the bitching and whining i do about the place)

 

[kosar]

Ok Annie, I stand corrected.

 

[BobbyBlueChip]

:mj07: (just wanted to throw this in)

kosar, if dogface comes down this way, do you got my back?

I mean, I never thought it was possible because he's such a cheapskate, but now that I know he's got a car allowance and it won't cost him anything, I'm not so sure.

 

[kosar]

:mj07: (just wanted to throw this in)

kosar, if dogface comes down this way, do you got my back?

I mean, I never thought it was possible because he's such a cheapskate, but now that I know he's got a car allowance and it won't cost him anything, I'm not so sure.

Well, he *is* a 'registered stud', so obviously you would need some help. He's kinda scary but maybe we would survive?

You are right though, with his new car allowance he is liable to go anywhere! Good luck to you, Bobbybluechip.

 

[BobbyBlueChip]

Let's see . . .

Tout starts a service and a gambling message board, solicits Jack for his opinions, thanks Jack repeatedly for his help (on Jack's message board, not in a private email) and then solicits members (again, on Jack's message board, not in a private email), joins a fantasy football league with all MadJack members with me and solicits his site from week one through seventeen, then tries to start a fantasy football league here where he takes a hefty administrative fee. . . and suddenly I'm the A-hole.

I'm a prick and I'll admit that, but I'm not a failed tout scumbag.

And yes, I "no" (didn't get cleared out of the spell check, did it, meathead?) what a FIB is, eh? Talk about your one-sided rivalries.

Just go away like you said you would, TSI. But don't go away mad, just go away.

 

[Blazer]

Oh God.......please bring back football soon.....

 

[dogface]

Ignore is a fabulous thing... but it appears that you both are talking to yourselves again!! I see several of these....
This message is hidden because BobbyBlueChip is on your Ignore List.
This message is hidden because Kosar is on your ignore list.

Get a room!


It is still funny, out of my years here, you two are the only one's that have any troubles with me...very interesting. Almost flattering that yoyu give me so much attention, but remember boys I don't swing that way, and keep your hands above the covers at night... ahhh you know the rest.

Annie, you have comunications with me... not a bad guy am I! So has mjonlir, Box and One, etc. so please spare me having to scroll past the ignore section in my posts.

TSI

 

[kosar]

Too bad you supposedly have us on ignore. We said some very nice things about you this time. Good luck in your trolling!