« 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. Do Fuel Savers work? Is Hydrogen Kits able to save fuel cost? »
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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.
And don’t even think about using gasoline. That’s a surefire way of getting you and your car caught because of harmful discharges and smoke belching.
There are different fuel options like Ethanol, Methanol, Propane, etc. that are way safer than conventional fuel and gasoline BUT none has been found to be an end-all-be-all solution against oil price hike and other serious problems posed by fuel.
Worry NOT! Using water for fuel, which is rising in popularity, has been seen to stand out from all the alternative fuels around and by far, it is a nearly perfect solution from constant increase in oil price and health and environmental problems from it.
Come to think of it - you’re hitting the proverbial two birds (health and financial risks) with one stone by using water for fuel. What could be better than that?
I could go all day telling what advantages of water-for-fuel are. BUT to whet your appetite, here are seven of the outstanding benefits of water-for-fuel you won’t have should you use other alternative fuels:
Fuel Saver Kit Unbeatable Advantage
1. See your gas mileage increase by up to 35% and that’s in spite of the driving conditions you’re in, which stands for $900+ at least every year.
2. Drive flawlessly and peacefully with water for fuel.
3. Boost up the operation and power of your car’s engine.
4. Did I mention water is 100% safe and effective as fuel alternative? Drop your worries about filling the environment with harmful smoke.
5. You’re assured that your car won’t add heat to he surroundings as water is an excellent coolant, too!
6. Ward off the filth and carbon from your engine and make sure they don’t come back.
7. Sit back as you don’t have to worry about your engine’s pistons, valves, etc. as they will have better performance for a longer period of time.
We’re all familiar with water being used to safely produce electricity for a long time and it can do the same with your car’s engine.
Wait! Don’t stock drums and tons of water. You won’t need those. With as little as a quarter of water plus your car’s engine, your vehicle will be powered with HHO or Brown’s Gas that has been famous for being 300% better than fuel.
Engine boosting and money saving properties without harming the natural world - what could be better than that?!
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