0 comments07/11/2012
IR-2011-116, Dec. 9, 2011 WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car[...]
FROM WALL STREET JOURNAL, TAX REPORT, November 12, 2011 More than six million children in the U.S. fall into the "special needs" category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010. The tax code can help—if you[...]
0 comments11/15/2011
The IRS also announced cost-of-living adjustments to dollar limitations for pension plans and other retirement plans for tax year 2012. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from$16,500 to $17,000. The catch-up contribution limit for[...]
0 comments11/11/2011
Sect. 2021: Increased expensing limitations for 2010 and 2011; certain real property treated as Code section 179 property. An expense deduction is allowed for businesses which choose to treat the cost of certain qualified property, called section 179 property, as an expense rather than a capital expenditure. For qualifying property[...]
Courtesy of www.irs.gov WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised[...]
