The Internal Revenue Service is giving some taxpayers who use their cars for business a much-appreciated bonus: a boost of three-and-a-half cents per mile, bringing the mileage deduction to 58 cents per mile in 2019. The increase is consequential for freelancers and business owners who drive their cars for business-related purposes. For instance, if you drive your car more than 100,000 miles for work over the next few years, you could take a total $58,000 in deductions. The typical driver logs about 14,000 miles per year. Even so, not all workers are enjoying the same car-related deductions, said Lisa Greene-Lewis, a tax expert and Certified Public Accountant for Intuit's TurboTax, a tax preparation software program. The Tax Cuts and Jobs Act eliminated a miscellaneous itemized deduction for unreimbursed employee travel expenses. Before 2018, the miles driven from your workplace to another work-related location and back to your place of work were deductible. The IRS' higher … [Read more...] about Use your car for business? You can deduct more in 2019, the IRS says
Work related car expenses
Half of all Uber drivers earn less than $10 an hour after paying vehicle-related expenses, according to a report. Ridester’s 2018 Independent Driver Earnings Survey revealed that the median net income for uber X drivers was $13.70 per hour.With tips, this went up to $14.73 per hour, however, after expenses this went down to just under $10. “Our survey adds to the mounting body of evidence that at least half of all Uber drivers earn less than $10 per hour after all car expenses are considered,” declared Ridester. “And car expenses must be taken into consideration because they are not optional for drivers. Every mile a driver puts on his car costs something and that has to be accounted for in any attempt to assess how much drivers are really earning.” Drivers working for Uber’s uber XL, uberSELECT, uberBLACK, uberSUV, and uberLUX reported higher earnings, however, 74.7 percent of Uber drivers work for uber X. Just 9.3 percent of Uber drivers rated … [Read more...] about Report: Half of Uber Drivers Earn Less Than $10 an Hour After Expenses
Panasonic’s Network Operations Center in Denver looks ripped straight from the pages of a Tom Clancy novel: Rows of computer workstations encircled by monitors, a wall of high-definition TVs, plush rolling chairs, call-center headsets, and urgently blinking LEDs, all soaked in surreal blue light. But they’re not tracking Soviet spies in here. Instead, the kind of guys who wear shirts patterned like graph paper are watching four colorful dots creep their way around the grid of a city map, like sedated Pac-Man ghosts. Each dot represents a real car, some of the first in the world that will talk to each other, to traffic lights, to pedestrians, and yes, even to the government. Cars that talk to one another, and the world around them, are almost here. The industry calls it V2X communication — vehicle-to-anything. Today, there are four dots, but that number will become hundreds, thousands, and millions, as future cars roll off factory lines with V2X built right in. After … [Read more...] about Cars that talk to each other are coming soon, and could save thousands of lives
Since it’s launch in 2017 it’s helped thousands of expats working and living in Germany. To give you an idea on how you can save money here is an overview of all Income-related expenses that can be deducted from your income tax bill. It includes things like commuting to work, business trips, further education, work clothes or occupational insurance. How high is blanket deduction for income-related expenses? The tax office takes into consideration a lump sum (Arbeitnehmer-Pauschbetrag) of up to 1,000 € a year as income-related expenses. This means for up to 1,000 €, no receipts or evidence is required. For a lot of employees the costs accrued in order to practice their profession are higher than 1,000 €. Those costs are also tax-deductible, which is easily done through tax declaration. In that case the tax office can ask for corresponding proof. 1. Trips to work You can get back 0,30€ from your taxes for every kilometre between home … [Read more...] about German tax return: Know your tax deductible expenses
They have fleets with hundreds of thousands of vehicles and command multibillion-dollar streams of revenue.But in the rapidly shifting transportation landscape, even the Goliaths of the rental car industry -- some of the best-known brands in the world -- worry about being left behind.That may explain why some of the largest rental car companies have spent several years waging a quiet legislative war against start-ups led by a company called Turo that are trying to change the way people rent and own vehicles. Turo is a peer-to-peer car-sharing company -- think Airbnb for cars.Like Uber vs. the taxi industry, this fight is a clash between an old-school business model and a modern technology platform inspired by the sharing economy.The traditional model is run by hulking corporate brands that promise safety and predictability. At any airport in the land, for instance, a customer is assured he will get a car ("Nissan Sentra or similar").The new model offers a more customized experience. In … [Read more...] about Airbnb for cars is here. And the rental car giants are not happy.