2012 Standard Mileage Rates
Rather than using the standard mileage rates, taxpayers may instead use their actual costs if they maintain adequate records and can substantiate their expenses. The rules for substantiating these amounts appear in Rev. Proc. 2010-51.
For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 23 cents per mile for 2012 (it was 22 cents per mile for 2011).
McGregor-Caverhill News
Individual and Business Tax Breaks Retroactively Reinstated and Extended
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Read More...Department of Labor Tax Exemption & Child Labor Fact Sheets
The Federal Department of Labor has begun auditing local businesses to be sure they are in compliance with the labor laws regarding overtime and child labor. One of my clients, a local restaurant,...
Read More...Intuit/Quickbooks Phishing E-mail
There's a phishing e-mail going around involving Intuit/Quickbooks. Find out more here: http://security.intuit.com/alert.php?a=33
Read More...2012 Standard Mileage Rates
The IRS released standard mileage rates for use in 2012. Business use of an automobile remains at 55½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent decrease...
Read More...Western Livestock Journal
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FEEDER CATTLE MARKETSCompared to last week: Feeder steers steady to 2.00 lower, decline over 800 lbs. Steer calves steady to 3.00 lower, decline on 500-600 lbs. Feeder heifers and heifer calves fully steady....Read More...
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Prices drop on domestic concernsFed cattle prices dropped last week as a result of weakness in cash prices and decreased demand from the consumer segment. On the Plains, cattle traded for $112.50-113 live and $180-181 dressed. Corn Belt...Read More...
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Emergency livestock disaster assistance set to expireELAP provides emergency assistance to eligible producers of livestock, honeybees, and farmraised fish that have losses due to disease, adverse weather or other conditions, including losses due to blizzards...Read More...
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IRS News
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IRS Plans Jan. 30 Tax Season Opening For 1040 FilersRead More...
WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing... -
Six Tips for Charitable TaxpayersIRS Summertime Tax Tip 2012-20: Tips for Charitable Taxpayers Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain...Read More...
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Mortgage Debt ForgivenessMortgage Debt Forgiveness: 10 Key Points Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely...Read More...
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Business & Finance
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Dealing with a Missing W-2Taxpayers that did not receive Form W-2 (Wage and Tax Statement) from an employer by 1/31/12 are advised by the IRS to perform the following steps: (1) contact the employer to inquire about its mailing...Read More...
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CPA Letter Daily
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Fax: (541)389-1976
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