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VEHICLE-USE TAX DEDUCTIONS GET BIGGER ON JULY 1, 2011

6/25/2011

4 Comments

 
VEHICLE-USE TAX DEDUCTIONS GET BIGGER ON JULY 1, 2011

In Spring of 2011, I predicted in this newsletter, the IRS would  announce a mid-year increase in the Standard Mileage Rates.

We’re talking about tax deductions you can be eligible for when you use your own personal vehicle for business purposes.

NOW IT IS OFFICIAL!
  
Later this week you will read in the papers that the IRS will increase vehicle-use rates as of July 1.

The NEW rates will be 55.5¢ per mile for Business use, 23.5¢ per mile for Moving or Medical use, and 14¢ (unchanged) for charitable use.

The first half of 2011, ‘OLD’ rates were 51.0¢ per mile for business use, 19.0¢ per mile for moving or medical use, and 14¢ for charitable use.

CAUTION: THE NEW RATES ARE NOT ‘RETROACTIVE’

All business use during the first half of 2011 will be deductible at the “old”rates. 

Separately, all business-use miles after June 30, will be deductible at the “new” rates.

Determining the value of your deduction at year-end, will, in most cases, require you to make two separate computations.

BUT WHAT IF YOU’RE USING THE ‘90-DAY VEHICLE-LOG’ OPTION?

In Chapter 8 of “Home Business Tax Savings, Made Easy!” I describe a recordkeeping option the IRS offers under some circumstances, which only
requires you to keep records for 90 consecutive days. 

             You can get the book at 
    www.HomeBusinessTaxSavings.com


The IRS says that after you compute the monthly average of Business Miles 
(based on your 90-days of records), they will then allow you to multiply that
number times 12 months, to computeyour tax deduction for the full year.

Then multiply that number of business miles, times Standard Mileage Rate, and you have the value of your 2011 tax deduction for business use of your personal vehicles.

  BUT HOW DO YOU COMPUTE THAT NUMBER, WHEN THE RATE  CHANGED IN MID-YEAR?

For purpose of doing the math, it is helpful to us that the change takes place at exactly the mid-point of the year.  The “old rates” will apply to 50% of the year, and “new rates” apply to the other 50% of the year.

If you QUALIFY FOR and are USING the 90-day option…

The value of your 2011vehicle-use tax deduction would be based on the average of “old” & “new” rates.  

Old rate, plus new rate, divided by 2, equals “Average Rate.”


For BUSINESS use, that average is 53.25 cents-per-mile.

For MOVING or MEDICAL use, that average is 21.25 cents-per-month.

Those are the numbers to use at year-end, if you are using the 90-Day option.

              NOTE: NOT EVERYONE QUALIFIESTO USE THE 90-DAY OPTION

If you are not positive whether you qualify, be sure to review Chapter 8 of “Home Business Tax Savings, Made Easy!” The book is available at 
www.HomeBusinessTaxSavings.com

UPDATED VEHICLE-USE LOG READY FOR FREE DOWNLOAD

A revised Vehicle-Use Log, reflecting both sets of 2011 rates, is available for you to download for FREE by visiting 
www.HomeBusinessTaxSavings.com. 

Hover your curser over the “Resource Center” navigation link, and select the very top item from the dropdown menu. It’s labeled “Free & Low-Cost Info.”


       That’s a wrap – another issue of “Tax Tips You Can Bank On.”

Creating Tax-Smart Home-Business Owners for more than a decade,                                             RonRonald R. Mueller, MBA, Ph.D., Author & Speaker          www.HomeBusinessTaxSavings.com

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