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If you have employees that drive for business, and have a wish to move to a reimbursement model; a Fixed and Variable Rate (FAVR) Plan can help you reduce risk, policy issues, and cost while allowing your employees to drive a car they prefer to drive and fits their lifestyle.
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An IRS non-taxable FAVR Plan accounts for the fixed costs, such as depreciation and zip code sensitive insurance data, and the per mile (variable) costs, such as fuel, maintenance, and tires. This enables you to reimburse employees for the actual costs of owning, maintaining, and driving a...
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