Posted by Alan Chan in Auto
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by Alan Chan
Admit it - the ever-increasing price of oil is sucking your bank account dry and makes it hopeless to even save a dime from fuel costs!
To make things worse, it’s not piece of cake either to commute and get to your destination on time. PLUS having that nicely customized vehicle makes one feel ‘in’.
With that in mind, it’s just natural that various alternative gas, along with other fuel-saving tricks, are launched to help ease the magnitude of fuel price increase. HOWEVER, most of these options doesn’t fit everybody’s lifestyle and is NOT as fuel-efficient as they claim it to be.
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Fuel Savers kits to increase your car mileage?
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by Richard A. Chapo
Reacts To Higher Gas Prices
The IRS is an agency that has a reputation that is somewhere between Attila the Hun and baby seal hunters. While deserved, the agency actually is very responsive to current events that impact taxpayers. This includes the increase in gas prices.
Under the tax code, many taxpayers can deduct mileage accrued for business purposes. The deduction is represented as a numerical figure per miles. A taxpayer simply multiplies their total business mileage by this figure to get their deduction for the year.
This is a preview of
IRS Reacts To Higher Gas Prices
The IRS is an agency that has a reputation that is somewhere between Attila the Hun and baby seal hunters. While deserved, the agency actually is very responsive to current events that impact taxpayers. This includes the increase in gas prices.
Under the tax code, many taxpayers can deduct mileage accrued for business purposes. The deduction is represented as a numerical figure per miles. A taxpayer simply multiplies their total business mileage by this figure to get their deduction for the year.
There are many factors that go into the business mileage deduction. They include vehicle depreciation, insurance and other variable costs. One of these is, obviously, the cost of fuel to get around.
The IRS sets the numerical figure that can be used for the tax deduction at the beginning of each year. For 2008, the figure declared was 50.5 cents a business mile. If you drive 1,000 miles in 2008 for business, you would be able to deduct $505.00.
Every so often something happens that makes the IRS review the business mileage deduction. A classic case was Hurricane Katrina. Damage to refineries results in a jump in gas prices. The IRS reacted by raising the business mileage deduction.
As you well know, 2008 has been a brutal year for gas price increases. In many parts of the country, we are closing in on five dollars a gallon for fuel. In 2005, the average cost was $2.30. Ah, for the good old days!
To say that gas prices have spiked this year is a slight understatement. The IRS has recognized as much and is adjusting the business mileage deduction according. For miles incurred in the last six months of 2008, the deduction figure is now 58.5 cents.
So, how do you calculate all of this? Well, it is actually pretty simple. Any business mileage you undertake from January 1 through June 30 is deductable using the 50.5 figure. Mileage after that is done at the 58.5 percent rate. Just add the two totals for your deduction.
There are two other mileage deductions you may be aware of. If you must move because of a new job, you can deduct your mileage as well. That rate for 2008 was 19 cents a mile. It has been bumped for the final six months to 27 cents.
The tax code also contains a provision for taxpayers to deduct mileage incurred while helping a charity. The rate for 2008 is 14 cents a mile. This IRS does not have discretion to change this rate, so it has not been adjusted. It is unclear if Congress will act on it.
The spike in gas prices is certain having an effect on everyone. The new deduction figures set by the IRS aren’t the answer to high prices, but at least the higher deductions will help take some of the bite out of the cost when tax time comes.
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by Calvin Anderson
If you are planning of freeing yourself from your car then you should be familiar with the salvation army auto auction. It is one of the Salvation Army’s projects to help raise money for their various selfless works. They set up this auction to give you a venue to donate.
The Salvation Army is an international non-profit charitable institution that is based upon the ministry of service to the peoples of the world. Their work is based upon God’s love so if you do business with them you’re sure to get the fairest trade for your donations.
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How to Donate through the Salvation Army Auto Auction
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Posted by Alan Chan in Auto
by Alan Chan
The incessant rise of fuel prices has been breaking the finances of drivers and vehicle owners worldwide including YOU!
BUT it’s not easy either to take a bus or a taxi to get from one place to another in time. Not to mention it’s having that shiny car gives you a special place within the society.
In light of that, practical steps and alternative fuels have been introduced to help car drivers and owners save even a bit in fuel expenses. BUT here’s the problem - either one these substitutes are NOT for everyone or they’re not as successful as they state it.
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True benefits of Fuel Savers kits at the rocket high oil price!
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by Richard A. Chapo
Prices Cause Mileage Adjustment Tax Deduction
Being notified the IRS has done something is usually a scary proposition. The number on fear of most people is an audit, but the IRS actually can be helpful. When taxpayers have a universal financial problem, the agency acts fast.
The United States is home to tens of millions small businesses. One of the favorite deductions of these businesses is the business mileage deduction. You get to deduct a certain dollar figure for every business mile you drive.
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Gas Prices Cause Mileage Adjustment Tax Deduction
Being notified the IRS has done something is usually a scary proposition. The number on fear of most people is an audit, but the IRS actually can be helpful. When taxpayers have a universal financial problem, the agency acts fast.
The United States is home to tens of millions small businesses. One of the favorite deductions of these businesses is the business mileage deduction. You get to deduct a certain dollar figure for every business mile you drive.
The cost of fuel would seem to be a major factor considered when the IRS sets the figure and it is. There are others however. They include things such as insurance, vehicle depreciation and other issues.
The agency notifies the public of the business mileage deduction figure a few months before the beginning of the calendar year. 50.5 cents was the magic figure set for 2008.
The business mileage deduction rate is a projection. When things happen that are not projected, the IRS can change it. When Hurricane Katrina took out refineries in the gulf, for instance, the IRS cranked the deduction up.
2008 has not seen a major hurricane, but fuel prices have exploded. One needs to only be reminded that in 2000, we were paying roughly $1.50 a gallon for gasoline on average across the country.
To its credit, the IRS has voluntarily stepped forward in reaction to the fuel price spikes. It has announced that it has the discretion to change the business mileage deduction rate and has set itat 58.5 cents for the last six months of 2008.
Practically speaking, how do we come up with our total deduction? Simple. Multiply your business miles incurred in the first six months of 2008 by 50.5 cents. Use 58.5 for the rest of the year and add the to figures together.
Business mileage deductions are not the only fuel issues involved. You can deduct mileage incurred if you have to move for a job. The IRS has also increased this rate by 8 cents to 27 cents a mile.
There is one other deduction we need to mention. You can deduct certain mileage incurred while working with a charity. This is set by Congress and cannot by adjusted by the IRS, so there is no change.
Gas prices are rising to the point where people’s conduct is being modified. A bigger tax deduction will not save you, but it certainly helps. Make sure to keep records of your mileage in case the IRS takes a closer look.
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by Dr. Thomson
Is it possible to run car on water? - That’s a question lurking in every driver and car owner’s mind.
Truth be told, it’s REALLY possible to run car on waterany vehicle for that matter! The methods behind it are pretty simple and clear-cut. And if you’re having any doubts about the possibility to run car on water, I’ll be revealing some juicy facts that will wipe away any doubts!
Run Car On Water Amazing Facts
- Just by shelling out less than $200, you can start to run car on water.
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Revealing Facts Any Vehicle Owner MUST Know on run car on water
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