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The Internal Revenue Service (IRS) recently released its inflation-adjusted standard mileage allowances for 2018, as well as maximum vehicle value thresholds to be used in calculating fixed and variable rate (FAVR) allowances.
While there is still a short window of time for individuals to file and close out on last year’s taxes, for most companies, tax season is already in the rearview mirror. An often overlooked way to reduce employer taxes is within the business vehicle programs. By using this year’s tax season as a time to reevaluate, businesses can implement sound policies and programs to ensure the organization and the employee are in the best position come tax time next year.
The Internal Revenue Service (IRS) recently released its inflation-adjusted standard mileage allowances for 2017, as well as maximum vehicle value thresholds to be used in calculating fixed and variable rate (FAVR) allowances.