Learn about FAVR to possibly save money.Do you have high transportation costs? If you have a company that has a fleet of cars for their drivers to drive on the road to do business then you might be paying too much for the cost.
Save money using the FAVR method as far as comparing the expense of vehicles and costs related to maintaining a fleet etc.. It is a "Fixed And Variable Rate" plan set up by a company and the IRS to help with the costs of running a fleet of vehicles or other means of paying for the costs of transportation of your employees while they are on the job doing sales etc.
The IRS and the company that designed the FAVR plan have created a good method for companies to cut costs. I would rather that you do the little math involved to see if your company would save money. Most companies who are using it save expense with the FAVR plan.
Learn MoreIf you want to get more familiar with how the IRS has set up this method along with a company in the USA who has taken the time to do a lot of work as far as accounting for costs, etc. then read the info on the website www.FAVR.cc .
The FAVR site says this about the method:
"This plan can save a company about $2,000.00 a year against what they paid for the money per mile method for a driving employee. Some employees who drive a lot of miles per week can fudge the money per mile system by adding in their own miles for home use and cost the company a lot of cash.".
Check these websites for more information about other methods of saving money on taxes.
They are discussed on these websites.
www.StandardMileageRates.com This is a good site for information on the subject of mileage allowance covering business, medical/moving and charity mileage to be taken as an allowance or deduction.
www.Actual-Expense.com This site is about keeping track of costs and all of the expenses that are incurred by the driver for the vehicle. Read the details to understand if it would work for you.
Posted by Roger Chartier at 10/18/2013 05:32:00 PM