Archive for June, 2008

IRS Adjusts Mileage Deductions As Fuel Prices Spike We are from the IRS and we’re here to help you. Most people would smirk at such a statement, but the agency is actually very proactive when taxpayers face a universal issue like the current spikes in gasoline prices. One of the great deductions available in the tax code is the business mileage deduction. If you drive on business matters, you can deduct the mileage at the end of the year by multiplying your total miles by a figure set by the IRS. How does the IRS determine the business mileage deduction rate? It is a hodge podge of factors including car insurance, vehicle depreciation and fuel costs. When one of these goes up, the IRS reacts to its credit. The IRS uses projections to come up with a figure before each year begins to let taxpayers know what to expect. This year, the deduction rate was set at 50.5 cents for every business mile incurred. Although the milege deduction rate is usually not changed, there is precedent for doing so. When prices are serious effected, the IRS can act on its own as it did during Katrina when gas prices shot up do to gas shortages in the South. Whether it is profiteering, a weak dollar, peak oil or some other reason, oil prices have shot up in 2008. In San Diego, we are closing in on $5 a gallon. This is in comparison to 2002 when we were paying only $1.75 for the same gas. While the rest of the government twiddles its collective thumbs, the IRS is doing something to help people. Who would’ve guessed it? The agency has cranked the business deduction rate up to 58.5 cents for the remainder of 2008. How do I come up with a total deduction if there are two rate amounts? Split your mileage for the year into before and after June 30th figures. Multiply by the corresponding rate. Add the totals together and you have the deduction. Business miles are not the only transportation deduction getting a bump. You can deduct mileage incurred for moving for a job. The rate for the first six months of 2008 is 19 cents, but the final six months now have a rate of 27 cents. The tax code also contains a provision for a deduction for mileage incurred while helping a charity. The IRS does not control this deduction. Only Congress can modify it. As such, there is no change for fuel prices. Fuel prices are projected to only go higher for the foreseeable future. While the bump in the mileage deduction helps, it may not be the last one in 2008. Keep an eye out for more changes.
Filed Under (Taxes) by Richard A. Chapo on June-30-2008

by Richard A. Chapo
Adjusts Mileage Deductions As Fuel Prices Spike
We are from the IRS and we’re here to help you. Most people would smirk at such a statement, but the agency is actually very proactive when taxpayers face a universal issue like the current spikes in gasoline prices.
One of the great deductions available in the […]



Filed Under (Loans) by Ray Lam on June-30-2008

Your house serves as collateral with home equity loans. Just owning your home doesn’t mean that you can get a home equity loan. The equity is equal to the value of your home minus the amount you still owe on it. So, if market price of the home has fallen or you have just bought your home lately, you might not have any equity remained in your home.



Filed Under (Loans) by Ray Lam on June-30-2008

In the age of information technology, there are many online loan amortization calculators available that can help a borrower weigh the various loan options he/she has and plan the payments accordingly. Home improvement calculators are available abundantly on the internet. These calculators offer ease in trying out various combinations of the payment period.



Filed Under (Real Estate) by Tim Martins on June-30-2008

If you have reached the stage that you are looking into property investment, buying a holiday villa or just looking at somewhere new to set up, then you should definitely consider the option of Cyprus as it has become an ideal location for property investment and will carry on being so for many years to come. Recently Cyprus was made a full member of the EU and it’s economic growth hasn’t stopped since causing it to become a very popular place to live. So much so that the foreign resident population has reached new highs as more and more people are choosing Cyprus to start a new life. As things stand at the moment you really can’t go wrong as far as property investment is concerned and your lifestyle will change for the better too.



Filed Under (Loans) by Ethan Hunter on June-30-2008

Sometimes we need a lot of money - an engine blowing in our car just after we’ve spent the last of our extra money on food for the week isn’t exactly something that goes away with $50 or even $100 extra dollars. We need more cash, more money, and we need it soon, right?



Filed Under (Loans) by Ray Lam on June-30-2008

Mobile home loans are a form of home loans widely found these days. As the name implies, this loan is for mobile homes that can be moved from one place to another.



Filed Under (Loans) by Ethan Hunter on June-30-2008

When looking for a home loan, HSBC should be somewhere that you consider. Yes, I’m saying bypass any other loans you’re looking at - yes, I am suggesting that you push past the shiny offers and fast talking of other loan services you’re looking at.



Filed Under (Finance) by Ray Lam on June-30-2008

Generally currencies always trade well and the price always is the leading indicator so be sure to look for convincing clues and follow the lead. Your indicators are really your best friend. You must believe in what they are telling you 100 percent of the time with no exceptions. Analyze the clues that they are giving you and act upon them. Never second guess them.



Filed Under (Finance) by Ray Lam on June-30-2008

The global forex trading market never rests. No matter where you are in the world, in brightest noon of darkest night, you can go online and make engage in some global Forex trading. In this, the global Forex trading market is unique. Business hours are always in effect somewhere in the world; government and bank employees are always active somewhere in the world, and the currency markets need to be in operation to facilitate global commerce.



Filed Under (Finance) by Chris Channing on June-29-2008

The wholesale industry is a rather large industry that has sprung to late in recent decades. Manufacturers are always looking to sell a large amount of goods for big discounts, and those who can afford the purchase will receive enough discount to resell the products to everyday consumers. But it isn’t just retailers who benefit- much benefit is equally available to consumers as well.