programs-us-company-lease

Personal Use of Company Car based on IRS Lease Value Rule

Use this program to determine the value of the personal use of a company car using the annual lease value of the vehicle. The lease value is multiplied by the percentage of personal miles out of total miles logged. About this program The personal use of a company car is

programs-us-company-commute

Personal Use of Company Car based on IRS Commuting Rule

If you drive a company vehicle, and your personal use of the vehicle is restricted to commuting, you can use this program to calculate the value of the personal use based on the IRS Commuting Rule. Certain conditions apply when choosing this program. About this program Use this program to

programs-us-actual-expenses

Vehicle Expense Reimbursement Using the IRS Actual Expenses Method

The "Actual Expenses" method is an alternative to the "Standard Mileage Rates" method for logging and deducting vehicle expenses. Use this program to log your actual expenses, such as gas, parking, insurance and depreciation. You tax-deduction is based on the expenses logged, pro-rated to the business-use of the vehicle. About

programs-us-company-cpm

Personal Use of Company Car based on IRS Cents-Per-Mile Rule

If you drive a company vehicle, this program calculates the value of the personal use of the vehicle using a fixed rate per mile, multiplied by the number of #personal miles logged. Certain conditions apply when choosing this program. About this program The personal use of a company car is

programs-us-mileage-rates

Vehicle Expense Reimbursement Using IRS Standard Mileage Rates

Tax-deductible (business) mileage expenses are calculated using standard rates published by the IRS. The mileage rate incorporates all the costs except parking and tolls charges, which you can log seprately as expenses.

IRS

Demystifying Mileage Deductions: Understanding Business, Commute, and Personal Trips According to IRS Guidelines

Understanding the classification of your trips—whether they fall into the categories of business, commute, or personal—is crucial when it comes to claiming mileage deductions as a self-employed individual. By adhering to IRS guidelines, you can ensure accurate deductions and maximize your tax benefits. Let's dive into the definitions

expenses

How to Save Money on Vehicle Expenses: Tips for Small Business Owners

As a small business owner, one of the biggest expenses you may face is the cost of operating a vehicle for your business. From fuel and maintenance to insurance and depreciation, the expenses can add up quickly. However, with some careful planning and smart choices, you can save money on

IRS

Understanding the Differences Between Company-Owned and Privately-Owned Vehicles for Expense Reporting

As a small business owner or self-employed individual, you likely use your vehicle for both personal and business purposes. But when it comes to reporting expenses related to your vehicle, it's important to understand the differences between company-owned and privately-owned vehicles. The Internal Revenue Service (IRS) defines a company-owned vehicle

mileage

Minimizing the Risk of Mileage Fraud with GPS-Based Mileage Tracking

Mileage fraud is a common issue that affects both employers and employees. It can occur in many ways, such as employees exaggerating the number of miles they traveled for work purposes, or claiming mileage for personal trips. This can lead to inaccurate reimbursement claims, which can cause financial loss for

IRS

IRS Tax Deduction of Vehicle Expenses: Cents-per-Mile or FAVR?

The IRS offers two primary methods for claiming vehicle expenses: the standard mileage rate and the fixed and variable rate (FAVR) method. Which Method is Right for You?

HMRC

How to Claim Vehicle Expenses Based on HMRC Guidelines

If you're a UK employee or self-employed person who uses your personal vehicle for business purposes, you may be able to claim mileage expenses on your tax return. However, it's important to understand the guidelines and requirements set by HM Revenue & Customs (HMRC) to avoid mistakes and potential penalties. Keep

IRS

Navigating Mileage Deductions for Self-Employed Professionals in the US

Mileage deductions can significantly reduce your taxable income and help you save money on taxes as a self-employed professional in the US.

CRA

Maximizing Your Mileage Deductions as a Self-Employed Professional in Canada: Understanding the CRA Guidelines

Claiming mileage deductions can help self-employed professionals in Canada save money on their taxes. Understand the CRA guidelines and use tools like Psngr to simplify the process, in order to maximize your deductions while minimizing the risk of errors and audit.

IRS

How to Track and Report Business Mileage Expenses in IRS Form 1040

Business mileage expense record keeping for IRS tax deduction: what you need, how to easily record your mileage, and what to report to the IRS.

IRS

How to Report Vehicle Expenses for IRS Tax Deduction

The IRS provides several methods for reporting vehicle expenses. The simplest method is the standard mileage rate. Here's what you'll need in order to report vehicle expenses at tax time.

company car

Employee Private Car vs. Company Car - Which is Better for The Employer?

Providing a company car to employees can have many benefits, but it also involves significant costs, risks, and overhead for the employer. As an employer, you should carefully consider the specific needs of the business and its employees before making a decision on whether to provide a company car.

CRA

CRA Kilometre Rate: Per-KM Allowance in Canada 2023

The CRA Kilometre Rate is the standard mileage rate published by Canada Revenue Agency (CRA) for the purpose of calculating the deductible costs of operating a vehicle for business purposes. The CRA standard mileage rate is higher in the territories compared to the provinces. This is due to the higher

company car

IRS Fringe Benefits: Personal Use of Company Car

In the US, the IRS lists 4 alternative methods for calculating the value of the personal use of a company car.

mileage

Why Psngr is More Reliable than Manual Mileage Logging

Are you tired of manually logging your mileage and expenses? Do you worry about the accuracy of your records? Psngr is here to help. Our app automates the tracking process, making it easier and more reliable than ever before. Here's why Psngr is more reliable than manual mileage logging: 1.

mileage

Why You Should Use an App to Track your Miles

Transportation costs money, and whether you're driving your car, cycling to work or using public transit - your work-related trips are business expenses and are therefore tax deductibe. This means that you can get those expenses reimbursed, tax-free. Here are the most obvious reasons for why you should track your

company car

Private Use of Company Car: Tax Rules in the UK

In the UK, if you use a company car for personal use, you may be required to pay tax on the benefit of having access to the car and/or the fuel costs. This is known as a Benefit in Kind (BIK). Business vs. Private Use of a Car The

IRS

How to Calculate Vehicle Depreciation based on IRS Guidelines

If you own a vehicle that is used for business, you can claim vehicle depreciation as a business expense. In this article, we cover when and how you can do this.

IRS

IRS Mileage Rates 2023

IRS standard mileage rates are meant for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purpo

commute

Can I Deduct or Reimburse Commute Travel Expenses?

Commuting costs between your home and your regular place of work are generally not tax deductible. The IRS considers commuting to be a personal expense. However, if your office is at home, that's a different story...

fleet

Fleet Management with Psngr

Managing a pool of shared company vehicles does not have to require expensive GPS hardware or complex software integration. Psngr offers a simple, turn-key solution for companies with dozens of vehicles and drivers. Psngr app runs on the driver's mobile phone and uses the GPS and motion sensors on the