Mileage Deductions 2009 - TAX MILEAGE DEDUCTIONS
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 - TAX MILEAGE DEDUCTIONS

Mileage Deductions 2009 * TAX MILEAGE DEDUCTIONS

List of Tax Records To Keep   
Richard A. Chapo

When preparing your taxes, the goal is obviously to deduct every last penny you can. Many people are amazingly good at it. Just keep in mind you need receipts for the deductions.
List of Tax Records To Keep
Filling out and filing tax returns is really a quest to conquer the mountain. In this case, the mountain is your gross income. The IRS helpfully lets you know this by making you write it down right away and repeat it in various places on your 1040 form. How nice of them.
To conquer the mountain, you start shaving it down by claiming deductions. The more you can claim, the better off you are. Some people have lots of deductions that help in this regard. Others create lots of interesting deductions to do the same. Whatever you approach, keep in mind you need receipts to support those deductions should the IRS ask to see proof. Here is a list of common tax records you need to keep to support those deductions.
1. Mortgage Interest Payments. One of the great things about owning a home is the mortgage. Oh, wait. The great thing is the mortgage interest deduction, not the mortgage. To prove the amount you have been paying the piper, you should keep the form 1098 you receive from your lender each year. Given the fact the deduction is usually sizeable, make sure to keep it in a safe place.
2. Dependent Support. If you claim someone as a dependent, you may be in for a surprise. You need to be able to prove that you provide more than 50 percent of the support for that person. Happily married parents usually do not have problems, but the IRS likes to zing divorced parents on this issue. Keep records in the forms of receipts, checks and invoices in such a situation.
3. Home Repair Receipts. No, you do not have to show the receipts each year. The issue really comes up when you decide to sell your home. To cut your tax bill, you should claim all repairs and improvements you made since owning the home. Guess what, you need receipts to support those claims. In simple terms, save every receipt related to your home or risk losing the deductions.
4. Medical Expenses. Health care costs are out of control as we all know. If you are claiming deductions related to medical care, keep those receipts and bills.
Obviously, there are other areas where you need to keep receipts, but these are some of the more common places where people fall down on the job. In general, you should keep all the receipts for three years, but I suggest doubling that number. With home repair or improvement expenses, you need to keep them for five years after you get around to selling your home.

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Hot Pursuit: Competition Heats Up For Police Cars (AP Via Yahoo! News)
Ford Motor Co. wants to remain the top gun in the U.S. police car market with a new cruiser due out next year, but its competitors are in hot pursuit.

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Houston Texans Team Report (USA Today)
In 2008, the Texans didn't lose one starting lineman for one play because of an injury. In 2009, they lost both starting guards Chester Pitts and Mike Brisiel early in the season.

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Richard A. Chapo is with Business Tax Recovery - providing information on taxes.

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Index of Articles about Mileage

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