how do i calculate mileage and automobile depreciation costs for businesses in NJ?
488809
The standard mileage rate starting 1/1/2006 is 44.5 cents per mile.\n\nTo calculate depreciation, you will need to learn MACRS.  See http://www.irs.gov/pub/irs-pdf/p946.pdf for more details.\n\nGood luck.
131149
Vehicles bought in 2004 and 2005 and costing more than $ 30,000 are classified under class 10.1 .Other vehicles are classified under class 10.The depreciation rates for both classes is 30%.
233629
Try the New Jersey Department of the Treasury.\n\nWebsite - http://www.state.nj.us/treasury/\n2006 Budget - http://www.state.nj.us/treasury/omb/publications/06budget/index.shtml\n2005 Budget - http://www.state.nj.us/treasury/omb/publications/05budget/index.shtml\n2004 Budget - http://www.state.nj.us/treasury/omb/publications/04budget/index.shtml\n2003 Budget - http://www.state.nj.us/treasury/omb/publications/03budget/index.shtml\n2002 Budget - http://www.state.nj.us/treasury/omb/publications/02budget/index.shtml\n2001 Budget - http://www.state.nj.us/treasury/omb/publications/01budget/index.shtml\n2000 Budget - http://www.state.nj.us/treasury/omb/publications/00budget/index.shtml
177332
How about a database of car makes/models versus age and resale value. You can add any levels of sophistication including specific geographical information, mileage, special features etc.
38247
The Super Pages website is also handy this way....you can type used CD retailers and then cut that number down by how many miles you are willing to travel.\nhttp://www.superpages.com/\nYahoo's yellow pages are also handy in the same way.\nhttp://yp.yahoo.com/yahoo/yp.html
205150
There are a couple of ways of looking at this.\n\nSuppose they are leasing the car for you, at $350 per month, and covering all expenses, including gas. Let's also assume you use the car 60% business, 40% personal. Then you're earning:\n\n1. The lease cost: $140 per month;\n\n2. The monthly insurance cost: If your premimum is, say, $800 per year, then that's $27 per month;\n\n3. If the gas tab for all uses is $40 per week, that's $70 per month;\n\n4. If you figure an average maintenance cost of $300 per year, that's $10 per month.\n\nFor a grand total of about $250 per month, or about $3,000 per year, if you figure it on your actual use of the vehicle and what percentage of their costs you are using for your own purposes. That's how the IRS figures your taxable deduction for a business car that's also used for personal stuff.\n\nOr, you could look at it this way: Take the total cost of operating your car last year. If you had a $300 per month payment, $800 in insurance, $800 in gas and $500 in maintenance, then you're getting an extra $5,700 per year in salary.\n\nOr, you could compute it the way the IRS would if you used the mileage-based system of auto reimbursement: They allow you to take 40.5 cents per mile for business use.\n\nSo, if you put 5,000 miles on the car for personal use in a year, you've gotten $2,025 in extra salary.\n\nIt's also important to note that since you are receiving this as a fringe benefit, it's not taxed.\n\nFor example, let's suppose your 2005 adjusted taxable income is $45,750 and you file single. You then owe the IRS $8,109. \n\nIf you add $2,500 cash to that, making your taxable income $48,250, you owe $8,734 -- a difference of $625.\n\nSo, if you got $2,500 worth of car use from your employer, it's like getting another $625 on top of it -- because that form of compensation isn't taxed.
812345
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
919935
Mileage travelling to/from home is not deductible, so 15+14+18 is the answer. In the real world, Michael would add an additional trip of #3 to Office then office to home, thereby gaining an additional 10-miles deductible.
728959
Contact your state's Department of Transportation or the US government's Department of Transportation.  They may have a checklist or booklet for you to use.
595767
Divide the milage by the cost of the petrol used.\n\nIf it cost you $50 to fill the gas tank and you travelled 1000 kilometers, you would get 20 kilometers per dollar.
343406
Depreciation is a non-cash expense used to match asset utilization the the revenues those assets help generate.  The depreciation expense in and of itself does not contribute to cash, but the tax shield you get from having depreciation does create a source of funds.  For financial accounting, you have straight line, double declining balance, sum of years, etc...take the depreciation expense in any given year and multiply it by the tax rate in that year to get your depreciation tax shield (that is the amount of taxes you did not have to pay due to depreciation being there).  When you put your cash flow statement together, depreciation and all non-cash items are added back to net income in the Operating Cash Flow section.\n\nFor tax accounting, you have an accelerated method called MACRS.  Taking the depreciation percent from the MACRS table, multiplying the asset's book value by that percent yields your tax-based depreciation.  Multiplying this number by your tax rate will give you actual cash savings on your tax returns.  \n\nImportant to note that tax savings for financial statements and tax returns may be different.  Remember, the tax return data shows ACTUAL cash, so that will be the number you are most interested in.  The discrepency between financial statements and tax returns will be made up in deferred tax assets and liabilities on the balance sheet.
133338
depends on what method you choose and what kind of machinery. also if you take additional first year depreciation.\n\nsee irs.gov
752300
I would suggest setting up a flat rate for each service within a certain mileage limit of your home. If you make more than $400 in a "hobby" then you must file Schedule C- Business profit or loss. If you run this like a business, you are eligible to deduct milage regardless of what you charge your clients. \n\nHourly rates of $15-30 are not unreasonable because if these affluent people's time is spent making the big money, they wouldn't second guess your prices.
180230
Great Answers so far!   You are off to a great start.\n\nBelieve it or not, you also need information from your 2004 return.  You need to know how much you paid to the IRS in Taxes.  It is found on the 1040, 2004, on line number 43.\n\nYou need this because you must determine if you have an underpayment penalty.  BTW, you dont want one do you?  If you paid in more than 90% of what you owe this year, you will not pay any penalty.  \n\nTo avoid this penalty next year, for April 2007, you need to pay quarterly taxes this year.  Your first quarterly is due April 15.  Surprize!  The quarterly payment  should be one quarter of your this years total tax, if it appears that you are going along with about the same amount of income as last year.\n\nYour quarterly will be 150, maybe, see below.\n\nYes, you are going to enter the 27,000 on a Schedule C.\n\nYes, you need to get a look at a Schedule C and see all the possible deductions you can take.\n\nStart with your car deductions.  In general, you have to determine whether you will use the total number of business miles X the government rate or use the actual expenses including depreciation for the driving the business miles.  \n\nWhich do you think is easier?  \n\nYou guessed it the government rate.  It is per business mile!!  Ok it is tricky.  in the first 8 months, it is 40.5 cents per mile.  After Sept. 1, it is 48.5 cents per mile.\n\nSee the government actually thinks you have been keeping track in writing.  Not the reciepts, the actual NUMBER of miles.  If you need help, let me know.\n\nAnyway, you get all the expenses you can because you want to reduce the income on the Sch C.  All the C income is taxed as Self Employment tax of about 15.3%. \n\nThen the income goes back to the front of your 1040 and flows from there.\n\nSo, on my computer, ProSeries, also from Intuit, but not TurboTax, assuming all the best and no penalty for underpayment and 10,000 business miles, your wife had no income, you had no interest income, and nothing else either plus or minus, AND you are at least 25 years old!!! you owe $598 for 2005.  \n\nBe sure to send in the quarterly of 150!!  There is a special form for it so that it gets properly credited.\n\nIf both of you are not at least 25, let me know.  If you or your wife are were at least 25, on December 31, go in peace.\n\nBTW, you may want to very soon get your tax taxes going and get them finished off too.\n\nMeanwhile, I hope I was some help.  If you want to contact me feel free.  \n\nIf you are wondering why I wrote and take the time to put it on my machine, I just didn´t want you to get scared at the sight of $3500.00!  I know my wife and I would not have liked seeing that!!\n\nGood Luck.
622279
http://www.willcountytreasurer.com/\n\nIn the FAQ's it looks like you might need to contact your township assessor.  Links are on the website
947688
For example: \nFine= $10 for extra 1 mile above speed limit 50miles/hour.\n\nIts a linear function. y=mx+c\n\ny= total fine\nx= miles exceeded\nc= 0 (Zero) or (any special charge by Police)\n\nIf no additonal charge then:\nf(x)=$10x\n\nIf extra charge for booking (for example $5)\nThen:\nf(x)=$10x + $5\n\nYou can plot the graph form this equation.\nFind x-intecept and y intecept. It will be a straight graph.
18418
What I always do when I'm about to go on a road trip is to get driving directions from the starting point to the destination (recommend Google maps or Yahoo maps). Below the "From" and "To" addresses it normally lists the mileage. For example, a trip from Milwaukee to Charlotte is 901 miles. Then you divide that number by your cars average MPG. I suggest overestimating a little (e.g. if my car's average mileage is 29 miles/gallon, I'd use 26 or so to be safe). Then you multiply that number by the average price/gallon you expect to pay (lets say about $2.50). To make my examples even more explicit:\n\n[total distance in miles (901 mi)] ÷ [car's MPG (26 mi/gal)] x [gas price per gallon ($2.50)]= [Total cost of gas ($86.64)]. \n\nHave a great trip!