Mileage Deductions 2009 - Automobile Tax Deduction
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 Tax Deduction

Mileage Deductions 2009 * Automobile Tax Deduction

Automobile Tax Deduction Opportunity   
Nicky Pilkington

Tax is one hell of a thing we allow to hate. Why does the government tax us for everything? Tax on vehicles?

Ok tax is fine, but how could I get away from it, at least partially. Let's find out...

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On Yer Bike! (Manxnet)
Britannia International, Isle of Man, 12 March 2010 – Britannia International staff are substituting their cars and opting to commute to and from work by cycling, running and walking as part of...

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Clean fuel vehicles and gasoline-electric hybrids are the first type of deductions allowed by the federal law. The second is for automobiles that are donated to charitable organizations.


One time tax deduction is allowed for vehicles with clean fuels and the amount is $2000 while $4000 for vehicles under electric hybrids. Vehicles running on natural gas, liquefied natural gas and other fuels where the alcohol content is at least 85% is what qualifies as a clean fuel.

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Marshall Council Divided Over New Mileage Allowance (Marshall Independent)
MARSHALL - Members of the Marshall city council were sharply divided Tuesday night over a proposal to update vehicle allowances for city department heads. The proposal to update mileage allowances for...

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$2000 includes the cost of the engine, the cost of carrying the liquid too.


Form 1040x is used in case of vehicles bought before 2004, while the above deductions are directly for vehicles bought in 2005.


Further Requisites:
* The vehicle must be new and purchased for personal usage. It cannot be bought for resale.
* The vehicle must be used primarily in the US.
* The vehicle's pollution/emission capacity must meet all federal and state requirements
* The vehicle must have four or more wheels, and should be driven on road. (does not include vehicles operating on rails)


The taxpayer has to pay some money back if any of the above rules are flouted.


This deduction is valid up till December 31, 2005. Vehicles bought in 2006 and later, may be entitled to a federal income tax credit. However, this is dependent on the fuel economy, fuel savings and other factors.


The second rule is slightly complicated involving the value of the vehicle and the purpose used by the organization. Thus you may not know the size of your deduction when you make the donation. In addition, there is a $500 limit on the donated vehicle's value, beyond which the rules get even more complex. A fair market value is determined during such a cause and your immediate deductions may not be known.


Of course, charity is a choice, and you shouldn't make it unless you are that philanthropic or have money at your disposal. It is better off to sell it.


Find more about Tax Deductions

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Index of Articles about Mileage

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