Mileage Rate - Paint Talk - Professional Painting Contractors Forum
CLICK HERE AND JOIN OUR COMMUNITY TODAY, IT'S FREE!
Go Back   Paint Talk - Professional Painting Contractors Forum > Business > Business, Marketing, and Sales

Reply
 
Thread Tools Display Modes
Old 06-27-2008, 09:49 PM   #1
Senior Member
 
Jason@API's Avatar
 
Join Date: Feb 2008
Location: Oregon
Posts: 2,030
Rewards Points: 1,056
Thanks: 1,128
Thanked 340 Times in 245 Posts
View Jason@API's Photo Album My Photos
Default Mileage Rate

For those who are not informed, starting July 1st 2008:

http://www.irs.gov/newsroom/article/...184163,00.html
__________________


Jason@API is offline   Reply With Quote

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. PaintTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

Sponsored Links
Advertisement
 
Old 06-27-2008, 10:08 PM   #2
Senior Member
 
vermontpainter's Avatar
 
Join Date: Dec 2007
Posts: 14,407
Rewards Points: 2,000
Thanks: 3,091
Thanked 5,929 Times in 3,434 Posts
View vermontpainter's Photo Album My Photos
Default

The IRS is really nice. They care about our success.



__________________
Scott


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
vermontpainter is offline   Reply With Quote
Old 06-27-2008, 10:20 PM   #3
The Lurker
 
MAK-Deco's Avatar
 
Join Date: Apr 2007
Location: Outer Rim of Chicago
Posts: 3,514
Rewards Points: 2,000
Thanks: 99
Thanked 290 Times in 207 Posts
View MAK-Deco's Photo Album My Photos
Default

I saw that also, maybe a tax credit for gas would be nice too.... Anyways I'll take anything, I have averaged close to 30k for the last 10 years.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
MAK-Deco is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 06-27-2008, 10:45 PM   #4
PinheadsUnite
 
daArch's Avatar
 
Join Date: Mar 2008
Location: almost there
Posts: 30,724
Rewards Points: 1,696
Thanks: 13,929
Thanked 17,336 Times in 10,141 Posts
View daArch's Photo Album My Photos
Default

You guys take milage ??

I thought the best way was either to have the corp. own the vehicle or if you aren't incorporated, to deduct the whole damn thing - minus personal use percentage.

If they keep raising the milage rates, I may steal back the Subaru from my son and use it with milage deductions. At 28 - 30 mpg I could prolly MAKE some money



__________________
"Glazed Donuts Are the Building Blocks of the Universe"

"Are we having fun yet"
daArch is offline   Reply With Quote
Old 06-27-2008, 11:12 PM   #5
Senior Member
 
Jason@API's Avatar
 
Join Date: Feb 2008
Location: Oregon
Posts: 2,030
Rewards Points: 1,056
Thanks: 1,128
Thanked 340 Times in 245 Posts
View Jason@API's Photo Album My Photos
Default

At 50.5 cents I was getting between $450 and $600 a month. this raise will put me between $530 and 680. Nice! Any extra for the new GAS HOG is good!

I thought about the vehicle write off through the corporation, but I prefer my truck to belong to me and not the partnership business. That is my preference.
__________________


Jason@API is offline   Reply With Quote
Old 06-27-2008, 11:54 PM   #6
tsevnami
 
Join Date: May 2008
Posts: 2,189
Rewards Points: 1,000
Thanks: 37
Thanked 62 Times in 51 Posts
View tsunamicontract's Photo Album My Photos
Default

Quote:
Originally Posted by [email protected] View Post
At 50.5 cents I was getting between $450 and $600 a month. this raise will put me between $530 and 680. Nice! Any extra for the new GAS HOG is good!

I thought about the vehicle write off through the corporation, but I prefer my truck to belong to me and not the partnership business. That is my preference.
at 58.5 cents per mile unless you have a super gas guzzling always in need of repair vehicle I would think it would be hard to be ahead by deducting the vehicle not the mileage.
tsunamicontract is offline   Reply With Quote
Old 06-28-2008, 12:05 AM   #7
Senior Member
 
Jason@API's Avatar
 
Join Date: Feb 2008
Location: Oregon
Posts: 2,030
Rewards Points: 1,056
Thanks: 1,128
Thanked 340 Times in 245 Posts
View Jason@API's Photo Album My Photos
Default

Quote:
Originally Posted by tsunamicontract View Post
at 58.5 cents per mile unless you have a super gas guzzling always in need of repair vehicle I would think it would be hard to be ahead by deducting the vehicle not the mileage.
In this case where I have the truck paid off (valued at $4000), I gain in mileage rather than writing it off as a business expense. The mileage each month pays for the gas alone. I see it as a win win situation. Now, if the truck was new and cost $30K, then yeah... a no-brainer would be to incorporate the vehicle under another entity and lease it to the Painting business.
__________________


Jason@API is offline   Reply With Quote
Old 06-28-2008, 01:50 AM   #8
Member
 
Join Date: Jun 2008
Posts: 14,174
Rewards Points: 2,658
Thanks: 5,206
Thanked 6,792 Times in 4,040 Posts
View ewingpainting.net's Photo Album My Photos
Default

Quote:
Originally Posted by vermontpainter View Post
The IRS is really nice. They care about our success.
ewingpainting.net is offline   Reply With Quote
Old 06-28-2008, 01:52 AM   #9
Member
 
Join Date: Jun 2008
Posts: 14,174
Rewards Points: 2,658
Thanks: 5,206
Thanked 6,792 Times in 4,040 Posts
View ewingpainting.net's Photo Album My Photos
Default

Quote:
Originally Posted by vermontpainter View Post
The IRS is really nice. They care about our success.
ewingpainting.net is offline   Reply With Quote
Old 06-28-2008, 08:37 AM   #10
The Lurker
 
MAK-Deco's Avatar
 
Join Date: Apr 2007
Location: Outer Rim of Chicago
Posts: 3,514
Rewards Points: 2,000
Thanks: 99
Thanked 290 Times in 207 Posts
View MAK-Deco's Photo Album My Photos
Default

Last year was my first year that my gas and vehicle cam every close to my milage rate deduction. 58 cents a mile will help me to keep using the milage deduction for sure.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
MAK-Deco is offline   Reply With Quote
Old 06-28-2008, 10:29 AM   #11
 
Join Date: Jan 2008
Posts: 198
Rewards Points: 150
Thanks: 1
Thanked 0 Times in 0 Posts
View Wing 54's Photo Album My Photos
Default

50.5 saved my arse for last year. Gonna keep close track for this year.
Wing 54 is offline   Reply With Quote
Reply

Tags
None

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is this a fair rate being offered? 1stchoice Commercial and Industrial Painting 20 04-17-2009 03:36 PM
General Rate qdslse Commercial and Industrial Painting 33 07-24-2008 04:03 PM
Want better gas mileage? Wolverine Off Topic (Non Trade) 22 06-19-2007 11:16 PM
Postage Rate Increase mailman Business, Marketing, and Sales 7 05-02-2007 02:52 PM


All times are GMT -4. The time now is 01:00 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.1
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
Our Pro Sites Network
ContractorTalk.com | DrywallTalk.com | ElectricianTalk.com | HVACSite.com | PlumbingZone.com | RoofingTalk.com