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Cash for Clunkers: The Revenge

by Smithee on August 7, 2009

in Consumer

The “Cash for Clunkers” program that we told you about on June 19 has received a shot in the arm in almost-last-minute actions by the House and Senate. They approved an additional $2 billion to continue the unexpectedly popular rebate program through Labor Day.

Opponents of the program feel like:

Richard Shelby, the top Republican on the Senate Banking Committee, said the program “has squeezed months of normal activity” into a short period of time.

But NPR’s Planet Money pointed us to at least one couple who wouldn’t have bought a new car if it weren’t for the program.

And though rebates are reportedly difficult to process, dealers and automakers love the program:

“There is no question that ‘cash for clunkers’ has succeeded,” said Dave McCurdy, chief executive of the Alliance of Automobile Manufacturers, the chief trade group for General Motors Co, Chrysler LLC, Ford Motor Co, Toyota Motor Corp and other big carmakers.

Have you participated? If so, were you going to buy a new car, anyway?

“Cash for clunkers” gets a $2 billion boost, John Crawley, Reuters, August 7, 2009

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Deduct Your Miles at 58.5 Cents Each

by Flexo on June 24, 2008

in Taxes

The Internal Revenue Service is recognizing the increasing costs of transportation and has revised the rate that taxpayers can use for deducting business-related travel expenses. For miles driven between July 1 and December 31, 2008, the new rate is 58.5 cents per mile, up 8 cents from the rate used for the first half of this year.

I would expect businesses that reimburse their employees for miles driven will follow suit.

This method for deducting travel expenses from travel is only one option. If you like, you could track all of your travel expenses, including gasoline and tolls, but it’s much simpler to keep track of the miles you drive and use the rate determined by the IRS.

IRS Increases Mileage Rates through Dec. 31, 2008, Internal Revenue Service, June 23, 2008.

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