My company reimburses travel expenses each month. But, instead of the IRS rate, we are reimbursed for the actual cost of fuel and tolls. Traditionally, it's calculated by taking the amount you spend on gas each month and use a ratio to calculate the cost of business miles as opposed to total miles driven in a given month. (Business miles/total miles x gas cost). Needless to say, a plug does not work with this calculation at all. I continue to be reimbursed for gas costs, but not for electric costs. I have two colleagues with Volts and we are trying to come up with a solution that will allow us to be reimbursed. It needs to be a fairly simple formula, because we don't want to invest an inordinate amount of time on record keeping or calculations. Any solution ideas would be appreciated.
I think you'd probably have to log each trip and note the avg mi/kwh figure and log your charging noting whether at home using residential kwh rate or at a public station at the $1 plus/hr rate; then add it all up at end or reporting period, and include gasoline used. Pain in the rear, but if you were self employed or independent contractor, the IRS may ask for documentation like that if they audited you. If your company requires receipts; maybe a camera phone picture of a charge completed notice would work. Good luck.
I calculate my cost this way: 6.28 (kWh for full charge) *$.15 (my elec cost) = $.942 (cost of a full charge). Then multiply that by your charge ups since your last report.
If my company reimbursed my actual fuel costs I would be driving around in Force Charge mode to use when I was off the clock
How about using ChargePoint charges KWH per mile then multiple miles you use? I paid about 6-6.5 cents per mile. Home charge is about half of that?
Very little, actually. Almost all of my charging is done at home. Most of the travel is same day, in state, to places that do not have charge stations close by.
Yes, my cost is about 2.86 cents per mile @ 15 cents per kWh. 6.28 (full charge)*.15(elec co. charge) /30 (EV miles per charge) =$.0286 (cost per mile) . ymmv
For my local Power Co, you can log in and see your hour-by-hour usage, and extract from that the cost of charging (for instance, if your usage from 1am to 5am is typically 16c worth but on the day you charge it's $1.16 worth, then you know you spend $1 on charging). Works for me, but it's not "official" since you can't actually separate officially the charging $ unless you have a separate meter. If your employer is fair you can show it to them, but, hmm... also remember that many power companies, if you use a lot of electricity, you might be put into a higher tier -- in which case the "cost" of charging not only is for charging the car, but for your other electricity needs (if car charging makes your kw/h rate go into a higher tier).
Being reimbursed at a standard rate, compensates for fuel, deprecation(wear and tear, and mileage), insurance, and maintenance. I would have a problem only be reimbursed for one. You get paid for the time in the car as well ? jp
I concur. Federal rate for 2017 is $0.535/mile. This was a significant factor in the ROI math that endorsed the Prime over all others. It reduces the expenses that I am reimbursed for at a fixed rate. It provides me with an incentive to get the fuel portion of that math down to $0.035/mile, which the Prime can do.
Get a letter from your employer that they require you to use the car. Buy one of those blank accounting books and record your mileage, where your drive from, where to, and for what reason. time and date each entry. You'll be able to deduct the standard rate from your taxes, minus the amount your employer pays.
