Mileage

[Snaggletooth]

Maybe y'all have enough to worry about without having to think about something that hasn't happened yet.

But in my humble opinion, if the past proves to be any prophecy, there is little chance that the IRS will leave the mileage rate (51.5 ¢) alone for the remainder of 2008. And it will most likely come in a manner such that miles driven before (xx/xx/08) are subject to 51.5¢ and miles after that date are subject to the new rate.

This will cause a few hiccups in next year's season. Most customers simply ask me to prorate their mileage according to the date. I am in general willing to do this rather than spend the time necessary to split hairs.

However, when you stop to think about it, a situation wherein you cannot assign mileage before/after a given date is almost virtual proof the the client doesn't keep a log...

[taxea]

Mileage

The IRS has allowed "averages" in the past. I don't think it will be a problem to take the entire year divide by 12 and times by the applicable months. That's how I did it the last time.
It doesn't mean the client doesn't keep logs...it simply means we chose to average the months over the year. taxea

[DTS]

Mileage rate

Snags,

After paying $4.79 p/gallon the other day, I hope they raise it considerately more than .52. I drive a Camry and never thought I'd be paying anything close to or over $60 to fill that tank.

What is it costing the people who drive the "big old honkin' trucks", as you put it?

Dennis

[FEDUKE404]

Things will get worse!

After today's (Friday) news reports on the stock market tailspin and the price of oil, local rumor is that many merchants plan to raise their per gallon cost of gasoline by 25¢ on Saturday.

Any ideas on how best to depreciate a bicycle......or a skateboard???

FE

[S T]

Approach

Same thing happened a year or two (tax time)_ ago on split rates. Some of my clients were really good about keeping their mileage and actual receipts, others were not so good.

So as Taxea suggested, those clients that kept records and were complete, they probably received the benefit, for those clients that kept records, but were not so complete, they probably lost a few tax dollars.

You can lead a Horse to Water but you can not make it drink

Sandy

[Black Bart]

GM is supposed to come out with

After today's (Friday) news reports on the stock market tailspin and the price of oil, local rumor is that many merchants plan to raise their per gallon cost of gasoline by 25¢ on Saturday.

Any ideas on how best to depreciate a bicycle......or a skateboard???

FE

an electric car by 2010 (how 'bout tomorrow instead?). Has a forty mile range (they say half the US population drives less than that every day) using a 120 plug-in at night and NO gas expense at all if you stay under 40 miles (average electricity bill increase-$300 yr.). Cost -- about $35K.

Looks like (at trade-in time) I'll have to donate my Tahoe to charity. I feel like one of my customers who said a while back "I hope those guys in Salty Arabia end up havin' to drink that oil."

http://www.kansascity.com/business/story/648439.html

[S T]

Suv

Bart,

Tell me you bought the Tahoe for the SUV writeoff! certainly not because of gas mileage! In 2002 I downgraded from a Ford Bronco (full size) to a Toyota Highlander because of, one age of vehicle, and two better gas mileage. Didn't assist for tax purposes, but certainley helped on the gas bills, and now after almost 6 years (knock,knock on wood) almost no repair bills.

Sandy

[Black Bart]

Tahoe

Bart,

Tell me you bought the Tahoe for the SUV writeoff! certainly not because of gas mileage! In 2002 I downgraded from a Ford Bronco (full size) to a Toyota Highlander because of, one age of vehicle, and two better gas mileage. Didn't assist for tax purposes, but certainley helped on the gas bills, and now after almost 6 years (knock,knock on wood) almost no repair bills.

Sandy

Mine's an '02 and I wasn't much worried about the gas price back then -- also I had and still have a '93 Toyota Camry which runs almost as good as the day I bought it new and hasn't cost me a cent in repairs in 15 years (No-wait a minute--have to amend that statement--replaced alternator, water pump, bunch of light bulbs, couple of fuses, plastic door handle, 2 or 3 batteries, etc.--still, probably less than $500 or so which is pretty good overall).

Only thing about that Chevy Volt mentioned in the article is that, for $35K, it would have to be my main car, there's not much question that I'd want to go beyond 40 miles from time to time, and I don't know if I really trust those oddball contraptions that switch back and forth from electricity to a lawnmower (or whatever) engine.

[veritas]

My Harley

gets 40-50 mpg.

[Black Bart]

Showoff!

gets 40-50 mpg.

It must be all that jasmine in your mind.

[DTS]

Speculators

I caught the very tail-end of a news story yesterday where some guy was telling the newsman that Wall St. was taking steps to remove oil out of the speculative markets, in an effort to lower the price. I don't know how they could do this, but was intrigued.

Has anyone heard something along those lines? I only caught the last 7 or 8 seconds of the storyline.

Dennis

[Snaggletooth]

Think About It

Dennis, we're being lied to. The govt is unable to stop price increases, but somehow the govt is able to tell them they can't drill. 3-4 years ago, we were told coal gassification was too expensive and the price of oil would have to exceed $50 a barrel for this to be economically justifiable.

I don't have the answer, but the answer is DEFINITELY not what you're hearing on TV. Think about it.

Sorry to get off - topic.

[DTS]

Snags...

you always make us think when you get off-topic! Don't mind a bit.

I am not very savvy when it comes to these things. I listen and try to learn, but like you said, who can you believe?

I've been thinking about something you said a couple weeks ago when we, the board, got into one of our "political" discussions. You were mentioning all of us switching to some sort of Independent party in an effort to make our politicians listen to us. I was going to ask Brad or Paul for permission to post a political question and open it up to a very civilized discussion. I will do this tonight so they see it tomorrow morning and see if they will permit me to do this. If so, I hope you will add your thoughts.

Maybe, we can all put our heads together and turn this mess around.

Dennis

[JohnH]

Dennis, we're being lied to. The govt is unable to stop price increases, but somehow the govt is able to tell them they can't drill. 3-4 years ago, we were told coal gassification was too expensive and the price of oil would have to exceed $50 a barrel for this to be economically justifiable.

I don't have the answer, but the answer is DEFINITELY not what you're hearing on TV. Think about it.

Sorry to get off - topic.

I agree that some aspects of the price situation are unexplainable from a conventional supply/demand perspective, but it may be something other than our being lied to for purely profit reasons. Is it possible that the government is quietly encouraging price increases in order to gradually nudge the public into adjusting their thinking more toward conserving and also to encourage domestic companies to ramp up production? Possibly in anticipation of oil price & supply shocks which might result from sudden shortages in the next few months? Shortages would be an inevitable result of full-scale open military conflict with Iran intended to take down their nuclear ambitions and eliminate their ability to make mischief throughout the mideast.

(Although a comment like this can inevitably cross over into the political realm, I'm really not trying to go there. This is just an attempt to make an observation of current realities)

[Jiggers]

IRS Mileage Rate 2008

[QUOTE=Snaggletooth;61930]Maybe y'all have enough to worry about without having to think about something that hasn't happened yet.

But in my humble opinion, if the past proves to be any prophecy, there is little chance that the IRS will leave the mileage rate (51.5 ¢) alone for the remainder of 2008. And it will most likely come in a manner such that miles driven before (xx/xx/08) are subject to 51.5¢ and miles after that date are subject to the new rate.
QUOTE]

I thought the IRS mileage rate for 2008 was 50.5¢.