Wednesday Tax Tip #22 - IRS mileage rate

As a result of soaring fuel prices, the IRS has increased the mileage rate to .585/mile effective 7/1/08.

This is probably a good time to remind taxpayers that you need documentation to claim this rate.

At a minimum, this documentation should include the following.

Date
Trip ( From/To )
Number of miles
Reason for Trip

If you need any additional information regarding your business use of an auto, please call me at 513-683-0520 or email at gtvcpa@yahoo.com.

Wednesday Tax Tip #21 - Estimated Payments

If you forgot to mail your 2nd quarter estimated payment to the feds or the state, now is a good time to get those in, albeit late.

Like all payments in the government, late payments are better than no payments. In the case of estimated payments, a late payment penalty may be assessed for what amounts to interest from the time the payment was due to the time it was actually received.

So minimize any penalty and get those payments in ASAP.

Wednesday's Tax Tip #20 - Stimulus checks

If you should have received your stimulus check by now and have not. The IRS has established a place to check on the status of your check.

Click the link below and you may be able to find out the check's status.

IRS Stimulus Check Status

Personal financial tip #18 - 10% off gas purchases

I came up with a unique way to drop 10% off of the price of gasoline.

Right now many of the larger chain grocery stores (Meijer & Kroger) are offering to add 10% on a gift card with your government stimulus, check.

Simply purchase a card for $300 or $600 (roughly the price of an SUV refill) and the store will ad $30 or $60 on top of that. Then simply use that card at the gas stations of those stores.

Stay tuned for your latest in consumer savings tips.