{"id":1660,"date":"2008-06-30T23:13:23","date_gmt":"2008-07-01T04:13:23","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/06\/30\/gas-prices-cause-mileage-adjustment-tax-deductionbeing-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\/"},"modified":"2008-06-30T23:13:23","modified_gmt":"2008-07-01T04:13:23","slug":"gas-prices-cause-mileage-adjustment-tax-deductionbeing-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","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=1660","title":{"rendered":"Gas Prices Cause Mileage Adjustment Tax Deduction\n\nBeing 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.\n\nThe 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.\n\nThe 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.\n\nThe 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.\n\nThe 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.\n\n2008 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.\n\nTo 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.\n\nPractically 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.\n\nBusiness 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.\n\nThere 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.\n\nGas 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."},"content":{"rendered":"
by Richard A. Chapo<\/div>\n

Prices Cause Mileage Adjustment Tax Deduction<\/p>\n

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.<\/p>\n

The United States is home to tens of millions<\/a> 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

To its credit<\/a>, 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\n
About the Author:<\/div>\n
Richard A. Chapo is with BusinessTaxRecovery.com – providing information on taxes<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – providing information on income tax<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – providing information on federal income tax<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your resource for tax<\/a> articles<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – save money with tax credits<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – get tax help<\/a> when the IRS comes hunting.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – learn more about glorious tax deductions<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – a directory of tax lawyers<\/a> for when the stuff hits the fan.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – find a good accountant<\/a> to save you money on taxes. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – deal with back taxes<\/a> today. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – get IRS tax debt settlement help<\/a>. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – find out how to get tax debt relief<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – where you can find out about the standard deduction for federal taxes<\/a>. <\/p>\n

Richard A. Chapo writes<\/a> about independent contractor tax deductions<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – where you can learn about the maximum social security deduction<\/a>. <\/p>\n

Richard A. Chapo writes about home equity loan tax deductions<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about calculating payroll tax deductions<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about payroll deductions<\/a> for BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo writes about the car donation tax deduction<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com, where you can learn about LLC tax deductions<\/a>. <\/p>\n

Richard A. Chapo writes about qualified pre-tax deduction<\/a> issues for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – where you can read up on your new car tax deduction<\/a> options. <\/p>\n

Richard A. Chapo writes about social security tax deduction<\/a> issues for BusinessTaxRecovery.com <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com, where you can learn more about 2007 limits on tax deductions<\/a>. <\/p>\n

Richard A. Chapo provides free articles on the Roth IRA tax deduction<\/a> at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo writes articles for BusinessTaxRecovery.com about the child support tax deduction<\/a> and other write-offs.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your resource for information on the Archer MSA deduction<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – where you can get free information on supplemental Medicare insurance tax deductions<\/a>. <\/p>\n

Richard A. Chapo writes about federal deductions for assisted living care<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about the self-employed health insurance deduction<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes free articles on the S125 deduction<\/a> that can be found at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your resource for information such as tax deductions for attorney fees<\/a>. <\/p>\n

Richard A. Chapo writes about tax deductions for home improvements<\/a> at BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about maximizing small business income tax deductions<\/a> at BusinessTaxRecovery.com<\/p>\n

Richard A. Chapo writes about business tax issues such as obtaining auto insurance through payroll deductions<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about tax deductions for truckers<\/a> at BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your source for information on the FUTA payroll tax deduction<\/a>. <\/p>\n

Richard A. Chapo writes about tax deductions for realtors<\/a> at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo writes about firefighter tax deductions<\/a> for BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com where you can find information on tax deductions for new home owners<\/a>. <\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your source for information on payroll deductions for bonuses<\/a> paid to employees.<\/p>\n

Richard A. Chapo writes about commercial real estate tax deduction<\/a> issues for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about allowable medical tax deductions<\/a> at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo covers the ever changing world of tax deduction value of donated items<\/a> at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo writes about graduate student tax deductions<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – your resource for information on small business deductions<\/a>. <\/p>\n

Richard A. Chapo writes about deductible home office tax expenses<\/a> at BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery.com – where you can learn more about automobile tax expenses<\/a>. <\/p>\n

Richard A. Chapo writes about rental property deductions<\/a> at BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo writes about deductible moving expenses<\/a> at BusinessTaxRecovery.com. <\/p>\n

Richard A. Chapo writes articles for BusinessTaxRecovery.com about deducting commuting expenses from home offices<\/a>.<\/p>\n

Richard A. Chapo is with BusinessTaxRecovery – your resource for information that will help your understanding marketing tax deductions<\/a>. <\/p>\n

Richard A. Chapo writes about deducting points on home refinances<\/a> for BusinessTaxRecovery.com.<\/p>\n

Richard A. Chapo shares how to write-off bad debts<\/a> at BusinessTaxRecovery.com.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":871,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-1660","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/871"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1660"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1660\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}