Mileage Deductions 2009 - Automobile Expenses - Tax Write-Offs
The Gas Mileage Bible
by Kenny Joines & Ron Hollenbeck

The Gas Mileage Bible is a must for anyone who drives a car. It's easy to understand if you do not know a lot of about cars, yet it has lots of information that would even interest those weekend mechanics. The authors provide simple scientific explanations on what causes losses and gains in fuel economy. In addition, they lay out clear-cut gas-saving solutions, breaking them down into straightforward categories: "no tech", "low tech", and "high tech", which makes it easy to understand how quickly and easily you can implement each solution.

One person improved their fuel economy in their two vehicles by at least 2 mpg without buying any upgrades or gadgets. They feel that "high tech" implement that can improve fuel economy even further. A must read if you drive a car

     

Mileage Deductions 2009 - Automobile Expenses - Tax Write-Offs

Mileage Deductions 2009 * Automobile Expenses - Tax Write-Offs

Automobile Expenses - Tax Write-Offs   
Richard Chapo

If you use a vehicle for conducting business, you can deduct certain automobile costs from your tax bill.

This is true even if you use the vehicle for personal and business needs.

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Ohio House OKs Mileage Rules; Teen-protection Bill Goes To Governor (The Toledo Blade)
By JIM PROVANCE BLADE COLUMBUS BUREAU CHIEF COLUMBUS - The Ohio House yesterday overwhelmingly voted to require its members and their Senate colleagues to travel the distance between their residences and...

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Automobile Deductions

The powers that be have historically written sections into the tax code promoting business activities. One of the traditional write-offs has always been the expenses associated with using a vehicle for business purposes.

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Exotic Dancer Suing D.C. Strip Club For Wages (Washington Post)
To hear Quansa Thompson talk of her life as an exotic dancer, to listen to her describe how men offer cash as she sashays, gyrates and jiggles the night away, is to evoke a thousand titillating thoughts,...

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The simplest automobile write-off situation is one in which a vehicle is used entirely for business. For example, if you have a van used for a delivery service and nothing personal, all expenses associated with the van can be written off. This is known as the exclusive use situation. For many small businesses, however, a vehicle will be used for both personal and business reasons.

Where you use a vehicle for both personal and business reasons, you can only deduct expenses associated with the business use. Keep in mind that driving to and from work is not considered business mileage, while driving from an office to meet a client is considered business mileage.

There are two methods for determining deductible automobile tax expenses. The first is a simple calculation known as the standard mileage deduction. The second is the actual expenses method. You can choose whichever deduction provides you with the biggest deduction unless you lease the car. With a lease, you must use the standard mileage deduction.

The standard mileage rate deduction is a calculation wherein you multiply your total business mileage for the year by a figure provided by the IRS. For the first eight months of 2005, the figure provided by the IRS is 40.5 cents per mile. For the last four months of 2005, the figure has been bumped up to 48.5 cents to reflect high gas prices.

The actual cost expense option is exactly what it sounds like. It is the actual cost associated with using the vehicle for tax purposes for a particular tax year. Automobile expenses will include gas, tires, repairs, oil changes, registration costs, licensing, insurance and so on. In many cases, the actual expense deduction will end up being larger than the standard mileage deduction.

Regardless of the method you choose, you must document the expenses you hope to write off on your vehicle. This means keeping a mileage book and receipts of anything you intend to deduct.



Richard A. Chapo is with BusinessTaxRecovery.com - providing information on taxes. Visit us to read more articles about tax deductions and our new tax help page.

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