[[email protected]]

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

http://www.irs.gov/newsroom/article/0,,id=184163,00.html

 

[vermontpainter]

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

 

[MAK-Deco]

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.

 

[daArch]

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

 

[[email protected]]

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! :yes::thumbsup:

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.

 

[tsunamicontract]

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! :yes::thumbsup:

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.

 

[[email protected]]

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.

 

[ewingpainting.net]

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

:laughing::lol::icon_cheesygrin::001_unsure:

 

[ewingpainting.net]

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

 

[MAK-Deco]

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.

 

[Wing 54]

50.5 saved my arse for last year. Gonna keep close track for this year.