At AutoReimbursment.com, we offer our clients the flexibility of three different mileage expense entry methods to support your vehicle reimbursement solution. Mileage entry is often at the heart of any vehicle reimbursement program. Regardless of your company’s reimbursement program, IRS … Read More
Vehicle Reimbursement Program Comparison Guide
For many companies, every year brings new initiatives, goals, and provides time to re-align themselves to their desired company culture. Furthermore, as the Federal Reserve raises interest rates to the 15-year high, and operating costs continues to increase, it may be an … Read More
Why is accurate insurance data needed for vehicle reimbursement program?
It may appear rudimentary when looking at the different ingredients that go into vehicle reimbursement for companies with drivers on the road. Depending on the reimbursement type (car allowance, cents per mile, or FAVR program), it is commonly mistaken that … Read More
IRS Announces 2023 Mileage Rates
The Internal Revenue Service has announced new mileage rates for 2023 for use in calculating reimbursements or deductions for tax purposes: Business use: 65.5 cents a mile, up from 62.5 cents a mile from the 2022 mid-year increase. Medical use: … Read More
Understanding Vehicle Depreciation Changes in the Market
As the market for both new and used cars continues to hit record highs, the demand continues to follow suit. Within the vehicle reimbursement industry, many analysts have been closely monitoring the effect of vehicle depreciation in the car market. … Read More
How FAVR reduces tax liability compared to a Car Allowance
Car Allowance vs. IRS Standard Mileage Rate vs. FAVR Program Employee travel programs are often the second largest expense for any company. When evaluating different vehicle reimbursement programs, deciding which program aligns with your company’s culture may be challenging. Frequently, … Read More
What is a Benchmark Vehicle in a FAVR Program?
There are many different ways companies can offer their vehicle reimbursement program. All vehicle reimbursements are calculated by the average fixed and variable costs to drive a vehicle in a year. In a Fixed and Variable Rate (FAVR) Program, we … Read More
Why Move to a FAVR Program?
There are many options for vehicle reimbursement programs within the corporate travel industry. As demand for drivers on the road continues to increase, fleet managers and plan administrators are constantly evaluating programs that align with their company’s values and culture. … Read More
Risk Management for your Vehicle Reimbursement Program
Having drivers on the road brings an internal risk for all companies and drivers. There is always a chance a driver can be in an accident, the question is, what risk does my company have? It is essential to protect … Read More
Creating an HR Defensible Vehicle Reimbursement Program
Drivers often interpret their vehicle reimbursement program in two ways. They view their reimbursement program as an expense reimbursement or an employee benefit. As the job market becomes more competitive and demand for employees increases, it is crucial that drivers … Read More