The Internal Revenue Service (IRS) announced an increase of 8 cents in the business related mileage rate deduction. The rate increase goes into effect July 1, 2008, and will increase from 50.8 to 58.8 cents per mile.
The IRS mileage rate increase is a welcome sign after a spike of more than 20% in gas prices this year.
When you use your automobile for business, the mileage incurred is legitimate business expense, the new rates will help offset the cost of higher gas prices. However, business owners may want to expensing their driving expenses instead of the IRS mileage reimbursement since they can usually write off more on their income tax.
Toyota announced at the Detroit Auto Show that it plans to sell lithium-ion battery plug-in hybrid vehicles to fleet customers in the US by 2010.
The plug-in hybrid typically plugs into a normal 120V or 240V outlet outfitted in household’s garages and charges the battery for the next days commute.
It may cost more to buy gas in Minnesota. The Minnesota Legislature passed a bill raising gasoline tax from 20 cents to 30 cents per gallon.
The bill is will raise more than $1.4 billion for the state roads and transit system; however, Gov. Tim Pawlenty is expected to veto the bill.
If passed, the 10 cent per gallon increase will go in effect on July 1.
Jackson Porter wrote a gas saving tips article which will help save gas. To summarize, just:
One problem with hybrid vehicles today is the recharging system. It just takes too long to recharge your battery. Given, that the hybrid electric vehicle range is extended with an internal combustion engine, for a “true” electric car, fast recharging of low batteries is a necessity.
With a 5 minute recharge time, A123Systems M1 cells charge almost 20 times faster than traditional Lithium-Ion cells. Also, at 1/3 the weight, expect that the vehicle range will be extended. A123Systems uses nanoscale materials that are inexpensive, nontoxic and safer than Li Ion batteries.
GM is prototyping A123Systems’ batteries in their Saturn Green Line Vue plug-in hybrid SUVs and are expecting double the fuel efficiency.
You have probably heard theses gas saving tips from the Environmental Protection Agency (EPA), the Federal Trade Commission (FTC), and whoever taught you to drive. Yet very few people actually bother to implement them.
Why is that? Are people tired of hearing them? Have these gas saving tips been said so many times that people tune them out? Well, you are going to hear them again in this series of articles, along with the reasons why they DO work!
Gas Saving Tip #1: Know Your Vehicle’s Fuel Efficiency
The actual fuel efficiency of your car will probably differ from that stated on the price sticker. Variables such as make, model, weather, city or interstate driving, and driving habits will affect the fuel efficiency. Efficiency is measured in miles driven per gallon of gasoline used (miles per gallon or mpg).
That is why you should periodically calculate your vehicle’s fuel efficiency. If you see it decreasing, you know that something’s not right with the engine and can take quick action to fix it.
Some people are unaware of how to properly calculate fuel efficiency. It is more than simply dividing miles by gallons. For example, if someone drives 500 miles and then buys 1 gallon of gas, the fuel efficiency is not 500 miles per gallon!
Here is the proper method to calculate fuel efficiency in mpg:
1. Fill up your gas tank. Do not top it off. 2. Write down the starting mileage. 3. Drive until the tank is almost empty. 4. Fill the tank up again the next time you need to buy gas. 5. Write down the ending mileage. 6. Write down the number of gallons of gas it took to fill up the tank. 7. Calculate the Miles Traveled as the Ending Mileage minus the Starting Mileage. 8. The fuel efficiency in mpg = Miles Traveled / Gallons Used
Example:
A driver fills up her tank when the odometer reads 25,000 miles. When the tank is almost empty, she fills up with 18.5 gallons, and the odometer reads 25,500 miles.
Starting Mileage = 25,000 miles Ending Mileage = 25,500 miles Miles Traveled = 25,500 - 25,000 = 500 miles Gallons Used = 18.5 gallons Fuel Efficiency = 500 miles / 18.5 gallons = 27 mpg
If her next efficiency calculation under similar driving conditions is only 20 mpg, she knows that something is wrong with the vehicle.
As gas prices go higher, the need to save gas and save money on fuel is greater than ever. More gas saving tips can be found at the website below.
Copyright 2006 by Doug Smith, who invites you to find more free information on gas station credit card and many more gas saving tips at http://gascreditcards.findcarsforhire.com
Bruce Goldwell of Utah has created a new term for gasoline that gets better gas mileage. When you take ordinary fuel and add a fuel catalyst you get MyEnviroGasâ„¢ which is a fuel that gets better mileage and less emissions.
MyEnviroGasâ„¢ will become the new buzz word in the fuel industry as Goldwell shares the new fuel catalyst from Extreme Research with consumers. While the fuel catalyst has been marketed to commercial companies for 9+ years, it was just released to the general public about 2 years ago.
Because consumers can also become distributors of the fuel catalyst, Goldwell and his co-partners are experiencing astounding growth as others register to become distributors as well. Goldwell’s team is primarily located in Utah, however due to the extreme interest in the fuel catalyst his research shows that this growth will increase over the next few months.
With extreme prices in the gas and oil industry, drivers of gas and diesel vehicles are invited to research the MyEnviroGas TM web site and find out how the fuel catalyst can help them save money at the gas pump and save the air we breath.
The new fuel catalyst does three things for your fuel and vehicle:
Most drivers are not aware that cars only burn about 85% of the fuel they purchase. This translates to 1.5 gallons being wasted for every ten gallons of fuel. The fuel catalyst increases this to about 99% efficiency which means the other 1.5 gallons will get used which results in increased mileage for consumers.
Because the catalyst also make the other 85% of the fuel burn more efficiently as well the result is less emissions. To be exact, over a 60% reduction in emissions. [PRWEB]
Envision Credit Union today unveiled its new “Go Green, Save Green†loan program, reducing the annual percentage rate (APR) on new loans for buyers of eco-friendly vehicles by 1 percent — saving consumers nearly $700 on a $20,000 loan over 36 months. With the summer travel season in full swing and gas prices at near record levels, lowering the cost of borrowing will surely bring relief to anyone buying a new “green†vehicle.
According to Consumer Report’s May 2006 national survey, 37 percent of consumers say gasoline prices are so high they are looking at replacing their current vehicles with a more fuel-efficient model. Of those saying they might replace their vehicles, 38 percent are considering either Hybrid-fuel or diesel vehicles. More than half planning to replace their car (55%) said they are thinking about a small economy car.
“With higher gasoline prices, motorists are becoming more conscious of vehicle fuel efficiency,†says Ray E. Cromer, Jr., President/CEO of Envision Credit Union. “We want to provide assistance to our members feeling the pressure of elevated gas prices and offer rewards to those purchasing fuel-efficient vehicles.â€
The “Go Green, Save Green†program runs through Oct. 31, 2006. Drivers purchasing a new vehicle that averages 30 miles per gallon (MPG) or greater qualify for the special discounted “Green Rate†offered by Envision’s “Go Green, Save Green†program. Mileage is based on Environmental Protection Agency (EPA) estimates. Final APR is dependent upon an applicant’s credit score. New vehicles must have less than 15,000 miles and be no older than the current model year, plus three prior model years. [PRWEB]
With gas prices hovering at $3.00 per gallon, drivers have already begun to migrate from gas guzzling SUVs to fuel efficient hybrids. As a sign of the times, GM recently announced that they plan to discontinue the namesake of the “Hummer deduction” in favor of the smaller Humvee.
“In addition to getting better gas mileage, purchasers of hybrids are also rewarded with a sizeable tax credit through 2010,” explains Andrew Schwartz, CPA, founder of CPANiche.com, a site where taxpayers can interact with CPAs who specialize in a variety of niches such as healthcare and real estate professionals.
“The new hybrid car tax credit replaces the $2,000 Clean Fuel deduction that was in place through the end of 2005. But you should be aware that this credit is only available in connection with the purchase of a new hybrid vehicle, so leasing one or buying a used hybrid vehicle won’t qualify.”
According to the information available on the IRS’ website, below are the vehicles currently eligible for this tax credit, along with the credit applicable to that model:
Even though the hybrid car tax credit runs though 2010, the credit won’t be available for long on many popular models. To level the playing field for Ford and other newcomers into the hybrid market, the allowable tax credit starts to disappear for a manufacturer once they have sold 60,000 hybrid vehicles. [PRWEB]
Diamo USA is giving drivers freedom to “Go Places†this summer. Today, the company announced that it is renewing the gas promotion it pioneered in 2005. Diamo USA will provide buyers one free year of gasoline with the sale of every 2006 Diamo scooter and motorcycle.
Scot Steffy, Diamo USA national sales director, said, “Drivers don’t have to feel guilty or discouraged any more. Our products provide a stylish and powerful transportation alternative that is easy on the wallet.â€
All Diamo scooters and motorcycles are equipped with ample storage space that enables riders to easily commute to work, school and run errands. With most Diamo brand scooters and motorcycles averaging 60 miles per gallon, frustrated drivers no longer have to dig deep into their wallets to get around – or out of – town.
Thirty-seven percent of consumers say gasoline prices are so high they are looking at replacing their current vehicles with more fuel-efficient vehicles, mainly hybrid models, according to the latest Consumer Reports Auto Pulse Survey conducted this month. Diamo motorcycles and scooters have ample space and power for both a rider and passenger as well as personal items, making these vehicles an ideal transportation alternative. [PRWEB]