Employers that provide employees with company vehicles can opt to value taxable personal usage with a cents-per-mile valuation method (i.e., multiplying personal mileage by the IRS mileage rate for 2015 of 57.5 cents per mile). This method can only be used if the value of the vehicle when first provided does not exceed a set limit. The IRS says that for 2015, the value of a passenger vehicle cannot exceed $16,000; for a truck or van it’s $17,500.
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