Archive for June, 2008

CURRENCY TRADING SUMMARY – 1st July 2008 (00:30GMT)

Europe Inflation at 4%, Aussie hits 24 year highs against the Greenback CURRENCY TRADING SUMMARY – 1st July 2008 (00:30GMT) · U.S. Dollar Trading (USD) had a choppy day but was able to recover off lows and make small gains into the US session. Month end […]

Gas Prices Cause Mileage Adjustment Tax Deduction Being notified the IRS has done something is usually a scary proposition. The number on fear of most people is an audit, but the IRS actually can be helpful. When taxpayers have a universal financial problem, the agency acts fast. The United States is home to tens of millions small businesses. One of the favorite deductions of these businesses is the business mileage deduction. You get to deduct a certain dollar figure for every business mile you drive. The cost of fuel would seem to be a major factor considered when the IRS sets the figure and it is. There are others however. They include things such as insurance, vehicle depreciation and other issues. The agency notifies the public of the business mileage deduction figure a few months before the beginning of the calendar year. 50.5 cents was the magic figure set for 2008. The business mileage deduction rate is a projection. When things happen that are not projected, the IRS can change it. When Hurricane Katrina took out refineries in the gulf, for instance, the IRS cranked the deduction up. 2008 has not seen a major hurricane, but fuel prices have exploded. One needs to only be reminded that in 2000, we were paying roughly $1.50 a gallon for gasoline on average across the country. To its credit, the IRS has voluntarily stepped forward in reaction to the fuel price spikes. It has announced that it has the discretion to change the business mileage deduction rate and has set itat 58.5 cents for the last six months of 2008. Practically speaking, how do we come up with our total deduction? Simple. Multiply your business miles incurred in the first six months of 2008 by 50.5 cents. Use 58.5 for the rest of the year and add the to figures together. Business mileage deductions are not the only fuel issues involved. You can deduct mileage incurred if you have to move for a job. The IRS has also increased this rate by 8 cents to 27 cents a mile. There is one other deduction we need to mention. You can deduct certain mileage incurred while working with a charity. This is set by Congress and cannot by adjusted by the IRS, so there is no change. Gas prices are rising to the point where people’s conduct is being modified. A bigger tax deduction will not save you, but it certainly helps. Make sure to keep records of your mileage in case the IRS takes a closer look.

Gas Prices Cause Mileage Adjustment Tax Deduction Being notified the IRS has done something is usually a scary proposition. The number on fear of most people is an audit, but the IRS actually can be helpful. When taxpayers have a universal financial problem, the agency acts fast. The United States is home to tens of […]

Today’s Thoughts: Sometimes we ALL Need a Break

Today’s Thoughts: Sometimes we ALL Need a Break By Samuel Araki | June 30, 2008 It’s one of those weeks. Not only is it scorching in Vancouver (high 20sC and high 80sF - I think - and please save the ridicule for other people - this is too hot for […]

The Trading Program With The Use Of Asset Software Acts Like A Human Expert

There has been a growing interest in forex trading ever since the introduction of automated systems became commonplace and accessible. Today this market is attracting small and medium investors so banks and other financial establishments are no longer the only players. What happens here? Well this is where currency of one country is traded […]

Forex Trading News: Forex Calendar (7/1/2008)

Forex Trading News: Forex Calendar (7/1/2008) Posted by Mr. Danish FX on Tue, 07/01/2008 - 12:11am in Forex Calendar Mr. Danish FX’s blog
Original post by FXDD | Forex News | Forex Trading News | Currency Trading & FX Market News

Asia stocks wilt, stagflation lingers

Asia stocks wilt, stagflation lingers By Reuters: Business News | June 30, 2008 HONG KONG (Reuters) - Most major Asian stockmarkets dipped on Tuesday as oil and food prices showed no signs of defusing stagflation fears, particularly with soybean prices at a record and oil above $140 a barrel. […]

Dow ends flat but suffers worst 1st half since ‘70

Dow ends flat but suffers worst 1st half since ‘70 By Reuters: Business News | June 30, 2008 NEW YORK (Reuters) - The Dow and S&P 500 were little changed on Monday on the final trading day of the second quarter as record oil boosted energy shares, offsetting weak financial stocks […]

Steve & Barry’s may close stores: report

Steve & Barry’s may close stores: report By Reuters: Business News | June 30, 2008 NEW YORK (Reuters) - Retailer Steve & Barry’s LLC is readying plans to close more than 100 of its stores, and is contemplating a full liquidation should it not find emergency financing, the Wall Street Journal […]

Chrysler to shut minivan plant as sales slump

Chrysler to shut minivan plant as sales slump By Reuters: Business News | June 30, 2008 DETROIT (Reuters) - Chrysler LLC will shut its St Louis minivan plant, cutting production of its top-selling vehicle and 2,400 factory jobs in a sign of the automaker’s troubles with a market reeling from record […]

Oil rises as eyes back on Iran-Israel row

Oil rises as eyes back on Iran-Israel row By Reuters: Business News | June 30, 2008 SINGAPORE (Reuters) - Oil rose on Tuesday after slipping from a record above $143 a day ago, as tension surrounding Iran’s nuclear program returned to focus and outweighed concerns over eroding U.S. demand. […]