Tax Information - As It Is Confirmed

As IRS makes announcements re 2011, I will post the ones I believe to be of interest here. I expect it to be a bit hectic with the late tax decisions.

IRS Announces 2011 Standard Mileage Rates, used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 51 cents per mile for business miles driven
• 19 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

Re 'Preparing For New 1099 Reporting' - I previously reported the new requirements to provide 1099's to all vendors beginning with 2011 payments. One source has corrected that information to 2012 payments to be reported in 2013. As soon as I can confirm the effective date of the change, I will pass the information along.