ChillyCat

I'd submit your OP to some of the notable CFP's. I'll guarantee they suggest getting into rehab ASAP. On the other hand, if you've got excess liquidity, probably worst ways to throw away money.

Buddy_Lee

Huh? You get paid the mileage allowance and they reimburse you for gas and insurance? Hope a CPA does not sign your tax return.

djfllmn

iTrader: (1)

x2...and hope the IRS doesnt see this

LantanaTXF150

I never said "deduction", I said reimbursement. My company reimburses mileage on personally owned vehicles. The 30% reduction is saying that for every dollar I get reimbursed I am spening about 30 cents to cover fuel and insurance expenses. There is nothing at all that plays in to taxes for me on this. In fact, the 56 cents/miles is the current IRS declared rate.

My employer does not pay my payment, gas, or insurance. A lot of company's prefer reimbursment over to fleet vehicles. I'd sure as heck prefer it over getting stuck in some Impala-Malibu-Camry-Altima fleet-rocket.

LantanaTXF150

You misread something in there....I simply get mileage reimbursement. Gas and insurance are on my own dime and tend to eat away about 30 cents of each dollar I am reimbursed.

Nothing fishy here on the tax front....in fact, I am in the financial services business and interact with CPAs daily.

Remi

He's saying that of each $1 of reimbursement, he can cover his gas, insurance, maintenance, etc. with $0.31 and the rest is, essentially, profit.

Remi

Sorry for the double explanation - you were faster than me Lantana

LantanaTXF150

Perhaps you need to read a little more carefully. Where is netting $14k a yr tax free throwing money away....

My profits result in paying for my vehicle and the paid off Vette and paid off wife's vehicle in the garage.

Let me guess...you are on the Suzy Orman train?

Tothemax

Way too much work.

LastResort

I lawled at this.

You must really love doing research and shopping for cars to make this sustainable over 10 years, with a high degree of success.