If you stopped at a Georgia gas station today to top off your tank, you might have encountered a line. Peach State motorists will see fuel prices increase tomorrow, Nov. 30, as the governor's emergency suspension of the state fuel excise taxes expires. So you couldn't blame them for trying to get one last bargain at the pump. Gov. Brian Kemp's decree, first issued in September and then extended in October through most of this month, saved drivers of gasoline-powered vehicles 31.2 cents per gallon. Drivers of auto that use diesel saved 35 cents per gallon. In addition to the... Read more →
Autos
One of the advantages of traveling by car is you can stop and enjoy the scenery. Just be sure to budget enough to cover your fuel costs, which could be higher due to state gasoline taxes. (Photo by Unsplash+ in collaboration with Getty Images) The hubby and I are Thanksgiving outliers. Our holiday spread is good ol' Texas smoked brisket and sausage and all the sides instead of turkey and all those sides. We do, however, add a pumpkin pie to the banana pudding dessert menu. We also don't go anywhere on this holiday. One of the great homebody benefits... Read more →
If the owner of this Tesla I was behind a few years ago sells it, it could get the buyer a $4,000 used EV tax credit. (Photo by Kay Bell) This week brought a tale of two tax credits that were expanded as part of the Inflation Reduction Act for electric vehicles, usually referred to as EVs. Tesla fans got some good news. It appears that the electric automaker's used vehicle now qualifies for the $4,000 electric vehicle (EV) tax credit. Meanwhile, the Vietnamese EV manufacturer VinFast is working to get its autos on the list of new EVs that... Read more →
Danielle Scott via Flickr CC I'm exploring an auto insurance option that could my policy premiums. It's a discount for folks who don't drive very much. The trade-off is that I must install a travel tracker in my car. That same sort of tracking system is what a handful of states use to charge motorists by the distance they drive instead of by their fossil fuel usage. Oregon, Utah, and Virginia have implemented per-mileage vehicle taxes. Hawai'i is poised to be the fourth. And a national per-mile pilot program is planned, thanks to funding included in 2021's Infrastructure Investment and... Read more →
Photo by Durmuş Kavcıoğlu on Unsplash Some folks are already en route to their long Memorial Day weekend destination. Millions will be flying, with AAA projecting that this holiday's nearly 3.4 million air travelers will surpass pre-pandemic numbers. But the number of holiday travelers hitting U.S. roads will dwarf all other modes of Memorial Day travel. AAA expects more than 37 million will drive 50 miles or more starting today, Thursday, May 25, through Monday, May 29. Gas prices are lower this holiday compared to last year, notes AAA, when the national average was more than $4 a gallon. When... Read more →
Reviewed and updated Aug. 22, 2023 Owners of electric vehicles in Texas, like this one charging in a suburban Austin office garage, will face a new registration fee starting Sept. 1, 2023. (Photo by Kay Bell) More than 10 million electric cars were sold worldwide in 2022. Sales are expected to grow by another 35 percent this year, meaning 14 million electric vehicles (EVs) will be on global roads last year, according to the International Energy Agency's (IEA) latest annual analysis. That puts electric autos' share of the overall car market at 14 percent in 2022, a 10 percent increase... Read more →
It's going to take more charging stations, and in more rural areas, to get more U.S. drivers to even consider buying an electric vehicle. (Photo courtesy ChargeX Consortium) I live in Austin, Texas, where traffic congestion increases daily (only partially kidding). But I grew up in West Texas, where driving an hour or longer one way to get from one small town to another was and still is not unusual. Often without any kind of way station along the long, flat roads. It's those distances that give me and those who still live in more rural areas pause when it... Read more →
Earth Day is tomorrow, April 22. This annual celebration of Mother Earth's beauty and its focus on ways to make a positive impact on our planet has lots of folks thinking about how they can reduce their carbon footprints In keeping with the 2023 theme "Invest in Our Planet," a lot of folks are considering investing in an electric or other alternative energy vehicle to lower their dependence on fossil fuels. Of course, tax breaks also could nudge them down that road. The good news is that the Biden Administration pushed through a new $7,500 electric vehicle (EV) tax credit.... Read more →
Lyriq photo courtesy Cadillac Sometimes the obvious is, well, obvious. Until it isn't. Back in 1964, Supreme Court Justice Potter Stewart's famous intuitive declaration about knowing pornographic material when he saw it made things clear. Then on Jan. 11, 2015, we Dallas Cowboys fans, then belatedly the NFL, knew that Dez Bryant's touchdown catch was definitely a catch. Now General Motors (GM) and Uncle Sam are fighting over what, for most of us, is pretty clear, specifically what counts as an SUV. The government's final answer will affect the new Inflation Reduction Act tax credit for electric versions of sports... Read more →
Photo by Hassan OUAJBIR The first work week of 2023 is in the books. How many miles did you drive for business purposes? If you're using your personal vehicle to conduct business you need to know. And if the number is to satisfy an Internal Revenue Service examiner's question about your mileage deduction, you need to be exact. The IRS can disallow questionable guesstimates, meaning your tax deduction could end up being zero. The U.S. Tax Court has backed up the agency when taxpayers don't keep adequate records. To help you avoid that unwanted tax reversal, here are some do's... Read more →
Drivers faced plenty of challenges in 2022, notably the dramatic jump this year in fuel prices. That prompted the Internal Revenue Service in June to hike 2022's optional standard mileage rates for the last six months of the year. Now the IRS has bumped up the business rate again as part of its annual adjustments to a variety of tax laws. Beginning on Jan. 1, 2023, the standard optional mileage rate for a car (or van, pickup or panel truck) used for business purposes will be 65.5 cents per mile. That's up 3 cents from the midyear increase that applies... Read more →
Kris Kringle, portrayed by Edmund Gwenn in the 1947 classic movie "Miracle on 34th Street." (via Giphy) I'm a Christmas traditionalist. OK, so I expand the traditional holiday season. We, at my urging, put up holiday decorations right after Halloween. We have a lot of them, so it takes time. Plus, I'm a fan and nonresident celebrant of Canada's Thanksgiving. Our neighbors to the north's celebration of the harvest and other blessings of the past year falls on the second Monday of October, following a more North American seasonal shift. Even better, it provides a welcome space between Turkey Day... Read more →
The Internal Revenue Service is still working out how to implement the climate tax provisions in the Inflation Reduction Act. The tax agency and its parent Treasury Department issued some preliminary guidance in August regarding the electric vehicle (EV) tax changes. The IRS also is seeking public comment on EV rules, as well as the other aspect of the other energy tax benefits in the new law. Meanwhile, states also are taking steps to deal with how the federal energy tax changes could affect their revenues. New state-level EV charges: "The increasing popularity of hybrid and electric vehicles is shrinking... Read more →
Inflation is still a concern, for consumers and politicians, but it is easing a bit (at least for some consumers). One reason for the change is falling gas prices. GasBuddy reported on Sept. 12 that for the thirteenth consecutive week, the nation’s average per-gallon gas price dropped. It went to $3.67 per gallon, down 7.6 cents from a week ago. AAA's daily tracker shows a Sept. 15 national per gallon average of $3.698. But those are averages. Your pump prices may vary. Patrick De Haan, head of petroleum analysis at GasBuddy, noted in the latest analysis that there are "drastically... Read more →
Singer-songwriter James Taylor provided the soundtrack for the White House's Sept. 13 celebration of the enactment of the Inflation Reduction Act. (White House photo via Facebook) The Biden Administration this week celebrated the enactment of the Inflation Reduction Act (IRA) with a ceremony on the White House lawn. And while a government report on inflation that came out the same day warned of continuing inflation costs, President Joe Biden and attendees didn't let the new dampen the festivities. The White House insists that the IRA will work as planned, and Biden touted the law's provisions, including the climate-change-prompted energy provisions,... Read more →
The good tax news for environmentally conscious drivers is that the electric vehicle (EV) tax credit is back. The bad tax news for environmentally conscious drivers is that it's not all that easy to claim the reworked $7,500 EV credit. The Treasury Department and Internal Revenue Service, however, are trying to smooth that road a bit. They've issued some initial guidance on the new EV tax credit changes. EV tweaks in the inflation bill: With President Joe Biden's signing yesterday, Aug. 16, of the Inflation Reduction Act, it's highly touted climate protection provisions will be taking effect. One followed closely... Read more →
More of my Austin, Texas, neighbors could be driving (and recharging) electric vehicles if the recently agreed-upon economic bill makes it into law. (Photo by Kay Bell) As the tax world frantically thumbs through the Democrats 725-page economic plan, one thing is clear. Makers of electric vehicles and the folks who want to buy them are winners. The Inflation Reduction Act of 2022, the catchy (OK, as far as political monikers are concerned) new name for the measure that salvages some of President Joe Biden's retooled Build Back Better proposals, was worked out this week by Senate Majority Leader Chuck... Read more →
Rail travel could save you some European Union automotive fuel taxes, maybe enough for a nice meal in the train's dining car a la the one Willem Dafoe's character enjoyed (or not, judging by his expression) in the 2017 film version of Murder on the Orient Express. (Photo courtesy 20th Century Fox) When I think of European travel, I immediately envision a train. OK, maybe I've watched Murder on the Orient Express (multiple versions) or Before Sunrise or A Little Romance or various Wes Anderson movies too many times. Still, for an American, particularly one who's lived most her life... Read more →
Charging a Chevrolet Bolt EV outside a Go Forth electric-car showroom in Portland, Oregon. (Photo courtesy Forth) Governments use a variety of tax breaks to help shape their citizens' actions. In addition to the perpetual debate as to whether this is good or bad public policy, there's also the matter of which tax benefits should be used. When it comes to electric vehicle (EV) purchases, a recent study found that those interested in the alternative fuel autos prefer rebates to existing tax credits. Plus, the different financial reward method would be more cost effective for Uncle Sam. Pay then claim... Read more →
The White House's proposed federal gasoline tax three-month holiday proposal is not just stalled. A metaphorical Congressional tow truck has pulled it from the legislative roadside where it was sputtering. The main reason is, as noted earlier, is surprisingly united Capitol Hill opposition to waiving the 18.4 cents per gallon federal gas tax. In fact, lawmakers also have been united in refusing to increase it. It hasn't been hiked since 1993. Another reason is, despite the grousing and social media posts of auto fill-up pump prices, people are still hitting the roads, at least early this summer. That's taken some... Read more →