$60,000 Electric Sedan from Tesla

A few weeks ago Arnold Schwarzenegger, Governor of California, announced his support of Tesla Motors, who plan to produce a fully-electric, five passenger sports sedan that is expected to sell for $60,000. The vehicle is expected to run 225 miles on a full charge, and will be produced at a manufacturing plant in opening in Northern California. For more information check out Engadget.com.

IRS Increases Mileage Rates

The IRS recently released this new press release announcing that they have increase the standard mileage rates as gas prices continue to skyrocket. According to the release, the rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of 8 cents from the 50.5 cent rate in effect for the first six months of 2008.

"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," claims IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."

New GM Concept Camaro

GM car czar Bob Lutz announced a new Camaro concept car on one of his recent posts on the Fastlane Blog. He describes the new car as being remarkable claims the new Camaro is intended to be "the finest car in its class, ever." Check out a picture of the concept car below, thanks to the GM Fastland Blog.

Nissan Unveils Pivo 2 Concept Car

Nissan unveiled the new Pivo 2 concept car at the Tokio Motor Show a few days ago. The car features a 360-degree rotating cabin, 90-degree turning wheels, and braking and steering drive by wire capabilities. Below is a picture of this funky new concept car, thanks to Engadget.com.

Getting A Tax Refund For Driving

There are numerous different ways to get a tax refund from driving in your car. Although you cannot deduct expenses for your regular commute to work there are some other deductions that may be of value to many people. The tax laws regarding driving deductions are somewhat complicated, but USNews.com has an article detailing how to easily claim driving related deductions on your tax returns. Some of the deductions include driving to get medical care, driving to volunteer for a charity, and driving to relocate for a new job. For a full explanation of the driving related deductions, check out USNews.com

2007 Nissan Altima Qualifies for Hybrid Credit

Last week the IRS announced that the new 2007 Nissan Altima Hybrid meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. The full credit amount for the vehicle will be $2,350 but will only be available to a limited number of taxpayers. For more information visit the IRS’s website.