Saving money by knowing what the Internal Revenue Service rules are and what tax IRS gas mileage is including how it applies to every motor vehicle owner.
Knowing what tax IRS gas mileage is all about is important to every motor vehicle owner. No matter if your vehicles are used for business, for medical purposes or for charity, you can still save some money by knowing what the Internal Revenue Service rules are for gas mileage.
On June 2008, the IRS announced an increase in the gas mileage rate for the remaining six months of the year. This means that vehicle users and taxpayers may use the optional rates to calculate the deductible costs of owning and driving a car for business, medical and charitable uses. The rate has been increased to 58.5 cents a mile from the old rate of 50.5. According to the IRS, the move was made in recognition of the financial problems caused by the continuous increase in gas prices.
The 58.5 rate covers vehicles used in business, while those used for moving or medical purposes will have a rate of 27 cents per mile, an increase of around eight cents from 19. Vehicles used for and by charitable organizations will remain at 14 cents a mile since the rates for these associations are established by statute and not by the government agency. Vehicle owners can deduct their mileage from their annual tax return and they will then be eligible for mileage reimbursements. Taking these rates into consideration, motor vehicle owners can increase their tax credits and save more money.
Tax IRS gas mileage deductions can be applied to businesses that own four or fewer cars and to individuals who travel by automobiles to their businesses. They can maximize the benefits provided by the lower rates by also exploring alternative fuel-run vehicles. Hydrogen fuel cell vehicles and those that have alternative fuel conversion kits can earn owners the most tax credits under the reimbursement policy of the IRS. Electric hybrid vehicles are also good options, although owners of these types of vehicles need to take note that tax credits for electric hybrid cars would depend on the number of vehicles sold by manufacturers.
Businesses that are serious in their intent to earn more gas mileage credits and lower their tax bills will have a better chance if they purchased hybrid electric vehicles, hydrogen fuel cell cars and other vehicles that run on alternative fuels. However, for those who cannot afford to purchase new vehicles, they can still earn their benefits by converting their existing fleet using hydrogen conversion kits. These kits allow vehicles to run on hydrogen or gasoline. They can help save fuel, increase tax credits and allow drivers to contribute to lowering air pollution.
The new tax IRS gas mileage rates might not seem a lot on paper, but any method of saving money during times of escalating fuel prices will be much welcomed by motorists. However, motor vehicle owners and drivers should also keep their eyes and minds open for other ways by which they could add to their tax savings and lower their fuel expenses.
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