All Hokie, All the Time. Period.

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RTFC

Joined: 8/8/03 Posts: 3848
Likes: 1353


I understand your premise


I just think it makes it overly complicated. Unless you file a Business Schedule C (whole different ballgame if you run your own company), why all the deductions/paperwork? Some compensation is taxed, some isn't. You have to keep a record of business versus personal mileage. If you are audited, we have to pay somebody to review all that, etc. One of the reasons your company does it that way is to cut out paperwork involved with exact reimbursement, why should the government be burdened with tracking that?

I get that you don't want to pay tax on "compensation" that is treated as reimbursement in other companies - and if you have high unreimbursed expenses the new tax law may affect you negatively.

IMHO it is all smoke and mirrors.

You are paid X compensation for Y job. That can include additional compensation for car expenses or not. In your scenario maybe your company is stiffing you - not paying enough to cover expenses required for the job. Now maybe they think it SHOULD be enough to cover expenses. Do you (not personally you) live a greater distance away from the sites you have to visit because you enjoy the area better? Do you drive a nicer car? with lower MPG? Why should you get a break for your choice?

IMHO all compensation should be taxed up front (actually I'd rather everyone have to pay estimated taxes quarterly so they actually see the money go out, but that can't happen due to collection issues) You decide if that compensation is adequate for the job you do based on what the market will bear. There are too many ways to play with the numbers that don't produce any value, and increase the opportunity to cheat (not suggesting you are)


(In response to this post by MP4VT2004)

Posted: 02/13/2019 at 10:19AM



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Current Thread:
 
  
CPA: What % of your clients are actually paying more? -- VaAkita 02/12/2019 12:10PM
  Yes 80 percent paid less in taxes -- capitals1 02/12/2019 1:12PM
  Not true ** -- 133743Hokie 02/12/2019 3:15PM
  Individual cuts expire at the end of 2025 ** -- hucareshokiesrul 02/12/2019 1:41PM
  I have a few guesses where he heard it. ** -- hokie80 02/12/2019 1:31PM
  Thanks for the narrative. ** -- hokie80 02/12/2019 1:28PM
  So I was off by a couple years. -- VTSnake 02/12/2019 2:07PM
  Oh. The. Irony. ** -- hokie80 02/12/2019 2:13PM
  What is my ilk? -- hokie80 02/12/2019 2:43PM
  He's a troll. ** -- vtbones 02/12/2019 2:24PM
  Nope. I just call out a political narrative.. -- hokie80 02/12/2019 2:39PM
  Why shouldn't the working stuff have known this? -- hokie80 02/12/2019 1:15PM
  You are correct, Roth is post tax. ** -- EDGEMAN 02/12/2019 2:32PM
  I'll let you know Feb. 27 ** -- WestyHokie 02/12/2019 1:31PM
  Psssst...they are post-tax. ** -- hokie80 02/12/2019 1:34PM
  He meant Feb 27 2020 ** -- Hokie360 02/12/2019 2:58PM
  People are stupid and only live in the moment. -- hokie80 02/12/2019 12:32PM
  Lol ** -- CPRVHokie 02/12/2019 3:36PM
  Content and context aren't your forte' -- hokie80 02/12/2019 1:30PM
  Ok ** -- CPRVHokie 02/12/2019 1:38PM
  He is so predictable and therefore fun to mess with! :) ** -- grill to chill 02/12/2019 1:08PM
  It's fun to point to point the obvious fly boy :) ** -- grill to chill 02/12/2019 3:38PM
  You don't sound snarky. -- MP4VT2004 02/13/2019 12:50AM
  I understand your premise -- RTFC 02/13/2019 10:19AM
  That's not how I understood it -- RTFC 02/12/2019 4:26PM
  Sorry, I didn't explain it very well. -- MP4VT2004 02/13/2019 12:57AM
  Media spinning it ** -- DaveVT 02/12/2019 12:36PM

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