Vehicle reimbursement, travel and fleet expenses are often the second largest expense. To manage this, many companies seek an accurate, reliable, and comprehensive plan that identifies the detailed costs specific to each driver for employee-owned vehicles.
In this guide, we compare the following methods:
- Car Allowance
- Cents Per Mile – IRS Standard Mileage Rate
- Cents Per Mile – Custom Rate
- FAVR Plan (Fixed and Variable Rate)
- Modified FAVR Accountable Plan
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