« 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’.
Its just logical that several alternative fuel vehicles and other methods to save on fuel are devised to reduce the impact of constant oil price hike. BUT the bad news is most of these methods are NOT for everybody and none have been proven to be as effective as they claim.
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 harmless options like methanol, ethanol, and propane BUT still - they’re NOT 100% in solving the financial and environmental risks posed fuel and gas.
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.
What could be better than dramatically lowering your fuel expenses and keeping the environment safe while doing so?
I would need a ream of papers just to list down what water-for-fuel can do BENEFICIALLY. But I don’t want to leave you guessing. These 7 beneficial facts about water-for-fuel should get you thinking in the right direction.
Fuel Saver kit Advantage
1. Save more than $900/year as your gas mileage increases up to 35% whether you’re driving at the city, rocky roads, and anywhere else.
2. Drive flawlessly and peacefully with water for fuel.
3. See your engine’s performance and power greatly enhanced.
4. I think this one is worth repeating - forget about harmful smog from your car as water is all natural and harmless.
5. Keep your engine’s temperature at an all-time low, which also means your car doesn’t contribute unnecessary heat to the environment.
6. Get rid of the carbon building up within your car’s engine and put a stop to it PERMANENTLY.
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.
And you don’t have to store gallons of water to make it work. With a very small amount of water along with electrolysis from your battery, your car will produce Brown’s gas or HHO which is 3 times more effective than oil and ordinary gas.
You get all of those engine and car boosting advantages MINUS the harm to the environment.
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