Worse yet, we're also told the IRS has now put a lien on his family's home in Birmingham, Michigan. According to the lien notice filed with the Oakland County Register of Deeds on Sept. 1st, Press, Chrysler Group LLC's deputy CEO, and his wife, Suwichada, have an unpaid balance of $947,409.63. The filing said the unpaid balance is for the tax period ending Dec. 31, 2007.

Chrysler PR officials have declined to comment, saying only that it's a personal matter. Yes, a personal matter rising from a private equity firm over-paying for a starved-for-resources U.S. automaker and an over-hyped Toyota executive that then required a multi-billion-dollar bailout from the federal government in order to stave off the bankruptcy sharks. Sure, yeah, it's totally a personal matter.

[Freep via Allpar]

Photo Credit: Getty Images News

Donate that old Jalopy to charity
Seeing old cars go is sometimes a heart wrenching experience. You babied that old Dodge Monaco through thick and thin, and she did you right, but it's time for the relationship to end. Instead of going through the hassle of listing it in the want ads and inspecting potential buyers to make sure they'll take good care of her, why not just donate it to charity? It is after all just a car, and if you let them haul it away you'll get to claim 100% of the auction value the charity receives on the car against your taxes — if it goes for more than $500. Okay, so maybe half a grand isn't a lot and you can't use this one unless you exceed the standard deduction, but every little bit helps.

Buy a hybrid
In the zeal to encourage the population to buy into a technology both unproven and dubiously implemented for fuel economy, the Federal government offers a tax credit to those who buy hybrid cars like the Ford Escape. The credit varies based on number of manufacturers vehicles on the road and fuel economy so choose wisely.

Buy the opposite of a hybrid - a giant truck
Despite changes to the law in 2004, the tax break for businesses that purchase pickups with a GVW over 6000 lbs still exists, as well as the break for buyers of expensive SUVs. The only catch is the maxiumum value can't exceed $100k and the first year deduction has been reduced from almost 100% to somewhere around 75%, pity. Regardless, if you're a small business owner trying to make the balance sheet read zero, here's a good way to have your cake and eat it too.

Use your car for work - and claim it
If you're work sees you driving your personal car frequently, you can deduct a raft of expenses not covered by your employer. Mileage is normally reimbursed by the employer, but if it isn't that can be deducted, as well as a portion of maintenance, and upkeep.

Depreciate it as an asset
If you own a small business, you can claim your car as a business asset. Of course, this is subject to usage rules under the 179 exemption of 50% or greater usage for work, but as an asset, a car has a depreciation schedule just like anything else in a business. The only trick is to define the useful life of the vehicle properly so you don't end up with a rattly bucket of bolts you have to hang on to for tax purposes.

Unfortunately, to take advantage of those big breaks you'd have to complete transactions by December 31st of last year. Still, mileage and wear and tear deductions can be used — if you've kept you're receipts that is.
Read more at: WWLaw, GooGoBits, IRS.gov

*Always consult with a licensed tax professional. We're not licensed tax professionals. We're automotive journalists. We know you get confused.

The IRS also dropped the standard mileage rate for medical or moving purposes to 19 cents per mile, down from 20 cents per miles for 2007, and left the mileage rate the same at 14 cents per mile for charity work. The IRS bumped up the mileage rates after studying the fixed and variable costs of operating an automobile.

The business mileage rate has seen a significant increase over the past six years. In 2002 the rate was 36.5 cents per miles and has steadily grown until 2008, when it will surpass the half-dollar mark. Hooray deductions! [IRS via KT]
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