New gig, given car allowance...suggestions welcome

4,791 Views | 43 Replies | Last: 5 yr ago by gig em 02
crowman2010
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10:41a, 2/18/19
AG
Recently took on a new gig ad a BD Manager, and I'm being given up to $700/mo car reimbursement.

I welcome all suggestions, live in Houston, if I go the truck route would like to go diesel again.

For cars, definitely would want full size car, plenty of power, and a really smooth/quiet ride.

annnnnnd go!
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1agswitchin4lanes
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10:50a, 2/18/19
AG
G90 5.0

Lunch soon breh.
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crowman2010
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In reply to 1agswitchin4lanes • 10:55a, 2/18/19
AG
Nice! Hadn't even considered the Genesis.

Let me know when you're free!
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HalifaxAg
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11:17a, 2/18/19
AG
Lease something that is $700/mo...could get something pretty sweet for that kind of change.
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TecRecAg
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11:20a, 2/18/19
AG
Full size and plenty of power? Go find you a CPO Chevy SS.
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crowman2010
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In reply to HalifaxAg • 11:24a, 2/18/19
AG
Was thinking of a lease but not sure exactly how much driving I'll be doing...could very well end up that I drive more than the 36k
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pablof
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2:31p, 2/18/19
you can pay up for more annual mileage allowed on leases..
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lotsofhp
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2:35p, 2/18/19
AG
If you bought a cheaper vehicle can you pocket the difference?
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htxag09
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2:35p, 2/18/19
AG
FYI, that $700 will have taxes taken out.
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coolerguy12
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4:30p, 2/18/19
AG
Do you get a fuel card also? If so you should get a truck. I get picked up by vendors a lot and really hate having to squeeze in the back of sedans with coworkers.

Are there requirements on age of vehicle and trim options? Most guys I know with this set up are required to drive a moderately new car with leather.
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easttexasaggie04
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In reply to htxag09 • 4:35p, 2/18/19
AG
Debbie Downer!
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crowman2010
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In reply to htxag09 • 5:35p, 2/18/19
AG
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
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crowman2010
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In reply to coolerguy12 • 5:36p, 2/18/19
AG
coolerguy12 said:
Do you get a fuel card also? If so you should get a truck. I get picked up by vendors a lot and really hate having to squeeze in the back of sedans with coworkers.

Are there requirements on age of vehicle and trim options? Most guys I know with this set up are required to drive a moderately new car with leather.
I'm seriously leaning towards the truck. There's no requirement set by the company, just to get a nice vehicle for taking clients out in. I do get my fuel and tolls paid for.
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dubi
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In reply to crowman2010 • 2:06a, 2/19/19
AG
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
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crowman2010
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In reply to dubi • 6:12a, 2/19/19
AG
dubi said:
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
I don't get a 1099 for reimbursements from my current company if for whatever reason I have to pay cash or use my personal card for something work related...
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coolerguy12
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6:53a, 2/19/19
AG
https://www.google.com/amp/s/www.mileiq.com/blog/car-allowance-taxable-income/amp/

Employees don't have to pay taxes on a car allowance if it's a part of an accountable plan. An accountable plan includes expense allowances that:

Have business connections
Require substantiation
Excess amounts are returned in a reasonable time.
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ac04
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7:17a, 2/19/19
if you're open to a lease, not a bad idea to spend some time here: https://leasehackr.com/

with $700 a month you could probably afford to drive something really nice and add mileage allowance to it.
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BigPuma
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In reply to crowman2010 • 8:18a, 2/19/19
AG
crowman2010 said:
dubi said:
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
I don't get a 1099 for reimbursements from my current company if for whatever reason I have to pay cash or use my personal card for something work related...
It's because your company treats them as REIMBURSEMENTS and actually expenses the items.

A&M most likely just treats it as service/contractor expense delineated to that person instead of an item being reimbursed for.
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htownag10
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8:24a, 2/19/19
AG
Live in Houston so you need to get an f250 lariat minimum
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dubi
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In reply to coolerguy12 • 8:27a, 2/19/19
AG
coolerguy12 said:
https://www.google.com/amp/s/www.mileiq.com/blog/car-allowance-taxable-income/amp/

Employees don't have to pay taxes on a car allowance if it's a part of an accountable plan. An accountable plan includes expense allowances that:

Have business connections
Require substantiation
Excess amounts are returned in a reasonable time.
Thanks for the explanation!
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crowman2010
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In reply to BigPuma • 8:31a, 2/19/19
AG
BigPuma said:
crowman2010 said:
dubi said:
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
I don't get a 1099 for reimbursements from my current company if for whatever reason I have to pay cash or use my personal card for something work related...
It's because your company treats them as REIMBURSEMENTS and actually expenses the items.

A&M most likely just treats it as service/contractor expense delineated to that person instead of an item being reimbursed for.
This
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easttexasaggie04
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8:33a, 2/19/19
AG
This thread is reminding me of ACCT229 and I don't like it.
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dubi
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In reply to easttexasaggie04 • 8:34a, 2/19/19
AG
easttexasaggie04 said:
This thread is reminding me of ACCT229 and I don't like it.
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htxag09
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8:51a, 2/19/19
AG
This still isn't making sense to me. So are you only being reimbursed for the actual work related use of the vehicle or are you getting reimbursed your full payment every month?
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crowman2010
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In reply to htxag09 • 9:19a, 2/19/19
AG
Please don't focus on the taxable/non-taxable situation. The bottom line is there's $700/mo that I can use for a vehicle. Plain and simple.

Maybe I'll wait for the 2019 RAM 2500's...
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1agswitchin4lanes
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In reply to crowman2010 • 9:25a, 2/19/19
AG
crowman2010 said:
Please don't focus on the taxable/non-taxable situation. The bottom line is there's $700/mo that I can use for a vehicle. Plain and simple.

Maybe I'll wait for the 2019 RAM 2500's...
Flamin hot edition....
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The Lost
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9:31a, 2/19/19
If you don't mind quarterly trips to the dealer, you could go the range rover route!
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Silvy
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10:02a, 2/19/19
AG
My allowance will start getting taxed in March
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Goose
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In reply to easttexasaggie04 • 10:16a, 2/19/19
AG
easttexasaggie04 said:
This thread is reminding me of ACCT229 and I don't like it.
Billy's Video can choke on a flaming bag of horse ****s.
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permabull
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10:34a, 2/19/19
AG
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The Wonderer
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In reply to dubi • 10:35a, 2/19/19
AG
dubi said:
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
Because it's a work expense. WTF is A&M issuing 1099s for reimbursement of work expenses?
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easttexasaggie04
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In reply to Goose • 10:58a, 2/19/19
AG
I'm class of 2004. I was the first class that didn't have to do it!
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dubi
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In reply to The Wonderer • 11:11a, 2/19/19
AG
The Wonderer said:
dubi said:
crowman2010 said:
htxag09 said:
FYI, that $700 will have taxes taken out.
No, it won't. The company is giving it as a reimbursement, not as an allowance. So there's a full $700 that comes to me.
Reimbursements of expense at A&M would get you a 1099 thus still taxable. Why would this income be exempt?
Because it's a work expense. WTF is A&M issuing 1099s for reimbursement of work expenses?

We are supposed to use a work travel card so that there are no reimbursements. Perhaps I've just lost my mind on this topic.
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TxAggieBand85
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12:21p, 2/19/19
AG
Advise not buying a vehicle in your name with a reimbursement. BD you must have results and if not, you'll be having a vehicle commitment without the reimbursement. Just my unsolicited opinion.

What kind of business? I'm in a position to explore technologies and solutions.
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Picard
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12:42p, 2/19/19
AG
Jeez people he didn't ask for tax experts or accountants! The man asked for vehicle recommendations. Only 1Ags and TecRecAg helped with that.

I'll recommend an F150 Supercrew
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