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by RichardA.Chapo
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. |
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by JonButtress Capitalism is all about giving the people what they want. Well, selling the people what they want may be a better way of stating it. This is basic notion is the very reason we have hybrid vehicles today.
Any type of trend soon grows attributes that are often not exactly accurate. These can be both positive and negative attributes, depending on who is pushing the point. Two false ones have surrounded the hybrid vehicle.
Everyone hates taxes, but not when it comes to hybrids. The common myth is you can get a huge tax benefit if you buy a hybrid. As with anything involving taxes, you should know this is sometimes true and sometimes not.
When taxes are invovled, it should be no surprise there are pitfalls with claiming a tax credit for buying one. The first requirement is you must buy a new vehicle, not a used one. The second requirement is the IRS must have approved the vehicle. |
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