The IRS Deductions Blog

Posts Tagged ‘mileage’

Question: can you have your (own) corporation pay your truck payments & gas, then use the mileage on your personal taxs?

You own the corporation and use the truck payments and gas on the corporation for a tax deduction, then you also use the mileage on that same truck for your own personal tax deduction.

Answer: Yes , just make sure your an s corporation. Everything your company does will reflect on your personals from your k-1

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Car bomb kills 88 at volleyball game

PESHAWAR : At least 88 people were killed and dozens others were wounded when a suicide bomber rammed an explosives-laden vehicle into a crowd watching a volleyball match in village Shah Hassan Khel, district Lakki Marwat, on Friday. According to Dist ….

WATERFUEL !SO WHY DO WE NEED OIL?MONEY!

Question: How much is the standard deduction going to be for 2009 (2008 tax year)?

hor head of household

Answer: From the IRS:

The new standard deduction is $10,900 for married couples filing a joint return (up $200), $5,450 for singles and married individuals filing separately (up $100) and $8,000 for heads of household (up $150). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

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Tax Tip: Don’t Call The IRS

Phone service deteriorates as Congress loads on complications

Question: standard deduction rate from year1981 to 2000?

Answer: You need to refer all old tax reconers. Go to any old auditor (C.A). He will have those old books.

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E-filing saves paper, time: R.I. to mail out fewer tax forms

R.I. won’t mail as many tax forms, will save on processing; a look at changes on jobless benefits, auto purchases

What Is Your Free Speech Worth?

The average driver spends little time considering how an automobile engine works or even how important it is to protect it’s moving parts. They just get into their cars and drive. At the same time, most drivers do consider a vehicle’s fuel economy both when purchasing and driving. Some go to great lengths to find ways of improving gas mileage such as purchasing different exhaust and air intake products, fuel additives, and tires. With the only exception being the vehicle’s transmission, the engine is the most intricate and vital component of that car’s ability to be useful. It is also, often, the most expensive to repair. It’s internal components are subject to extreme heat and friction which wear on these parts over time. They are constantly exposed to temperatures nearing 200 degrees and moving thousands of times per minute. Even with regular servicing and preventative maintenance, the wear on these parts is inevitable and adversely affects an engine’s efficiency over it’s lifespan. It’s the efficiency of an engine which consumers often overlook when considering fuel economy.

Synthetic oil, as compared to traditional petroleom based oils, has a stronger viscosity or stickiness. It also takes longer to break down in extreme temperatures and is less subject to evaporative loss. Substituting synthetic oils for traditional oils when servicing a vehicle protects these parts better and, in turn, leads to greater engine efficiency. It’s efficiency directly affects the amount of fuel being used or wasted in the combustion process. Therefore, one of the most considerable ways of improving gas mileage is to protect the efficiency of a vehicle’s engine over it’s lifespan with a synthetic lubricant.

With the rising prices of gasoline in our present day economy, a greater portion of the population is in need of finding practical ways to improve gas mileage. Using a synthetic oil for engine lubrication is one significant way a consumer can improve fuel economy and save a substantial amount of money over time. It will also better protect internal engine components longer which will save money in engine repairs and rental cars. It will protect one of the biggest and most important financial investments one can make in today’s society.

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Current Conditions V2

As the New Year is upon us, the internal revenue service has cut a key tax deduction. It affects people who use their vehicles a lot for work.

Since I’m a Temp Contractor, Can I Deduct Mileage to Work?

The deadline to apply to the IRS Voluntary Disclosure Program has passed, however U.S. taxpayers can still file a voluntary disclosure under the IRS regular procedures.

In 2009, the IRS and U.S. Department of Justice started its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who failed to disclose these assets to them. However, the investigation did not end with UBS. It is abundantly clear that offshore tax evasion remains a top IRS enforcement priority. The DOJ has gone after taxpayers regardless of their assets even those taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are duty bound to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90.22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents can prove that a taxpayer has hidden an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose considerable penalties,including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties , compounded with interest and fraud penalties , can essentially wipe out the taxpayer foreign assets. On top of that, taxpayers could be open to criminal prosecution and jail time for tax evasion.

In March 2009, the creation of the IRS Voluntary Disclosure Program was announced to entice taxpayers to come forward and disclose previously undisclosed offshore accounts in exchange for lesser penalties and the promise not to refer the case for criminal prosecution. As a result of pressure on UBS and other offshore financial centers, thousands of U.S. taxpayers with undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and filed before the deadline of October 15, 2009.

Even though it may be too late to take part in the IRS Voluntary Disclosure Program, you still have the opportunity to file a voluntary disclosure under the RSAfAE’A�AcAfAcAca��A�A�A�AfAcAca��A�A�Acs normal procedures. There are a multiple advantages to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. Similar to the Voluntary Disclosure Program, a traditional voluntary disclosure also offers taxpayers with previously undisclosed foreign accounts with a way out, potentially getting around the most significant of civil penalties and criminal prosecution.

Furthermore, those U.S. taxpayers with undisclosed offshore accounts should be aware the voluntary disclosure process is complex and sensitive. U.S. taxpayers are best advised to contact an experienced tax attorney, as soon as possible, who is skilled at resolving disputes with the IRS.

For example, if a U.S. taxpayer has been investigated and contacted by the IRS already, it could be too late to put in a disclosure. Therefore, time is a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The door is closing on the ability to receive reduced penalties and possible jail time for those who do not file in time. Seeking the advice of proper counsel is truly in their best interest.

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New Tax Guide Features Recovery Tax Breaks

Taxpayers can get the most out of new recovery tax breaks and get a jump on preparing their 2009 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov.