IRS announced that the mileage rate will increase 4.5¢. The new mileage rate will be 55.5¢ per mile for business travel from July 1, 2011 to December 31, 2011. The rate for using a car to get medical care will also increase 4.5¢ for the last half of 2011 from 19¢ to 23.5¢ per mile.
5 Tax Surprises That Can Shrink Your Retirement Savings
Key Takeaways: RMDs become mandatory at age 73, and missing one can trigger a penalty of up to 25% of the required amount. A new temporary $6,000 deduction ($12,000 for joint filers) is available for taxpayers 65+ through 2028. Investment gains, pension income, and...