by Jean Miller | Accounting News, Uncategorized
RS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
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 (also vans, pickups or panel trucks) will be:
- 55.5 cents per mile for business miles driven
- 23 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.
Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
by Pete McAllister | Accounting News, IRS, QuickBooks, Tax, Uncategorized
By Eric Zeman InformationWeek
July 25, 2011 05:20 PM
Intuit on Monday launched QuickBooks Mobile for Android smartphones. This new mobile software allows small and midsize businesses to more effectively control and manage their invoicing processes.
With QuickBooks installed on their Android smartphone, business owners can perform a wide range of actions right from their device without the need to find a PC. QuickBooks Mobile for Android can be used to create estimates, manage invoices, and view customer details. Further, the application syncs in the background with QuickBooks, which gives mobile professionals the most up-to-date information no matter where they happen to be.
Intuit says that QuickBooks Mobile was designed with SMBs in mind, as they often need as much flexibility as possible when it comes to performing work functions out of the office. With QuickBooks Mobile for Android, SMBs can stay connected to their business with quick access to customer and sales information, save time by checking customer balances and creating estimates on-the-go, and be more productive by invoicing at the job site without having to go back to the office.
“The majority of small and medium-sized business owners feel that staying connected through wireless devices is critical to the success of their business,” said Dan Wernikoff, vice president and general manager, in a statement. “As the demand for mobile access continues to accelerate, we’re working to give customers the solutions they need most so they can save time and make money wherever their business takes them.”
QuickBooks Mobile for Android is available for free to current QuickBooks Online subscribers. It also is available via subscription to QuickBooks Pro and Premier 2011 customers. QuickBooks Mobile is already available to Apple’s iPhone.
QuickBooks isn’t the first piece of software that Intuit has offered to the Android platform. In June, Intuit Financial Services introduced a mobile banking application that makes it easier for Android smartphone users to manage finances from their mobile devices. The application, which is targeted at consumers, lets users view account balances and transaction history, transfer funds, pay bills, and locate nearby ATMs and bank branches.
Intuit’s GoPayment, available to both the iPhone and Android platforms, allows SMBs to accept credit card payments anywhere, anytime. With it, Intuit offers a free card reader. Intuit charges a small fee per swipe, but there are no set-up or monthly fees, and no contracts.
One last SMB tool available for smartphones from Intuit is Online PayRoll. This application allows employers to pay employees with direct deposit or check, preview paychecks before approving, and view employee information and last payroll run report from their iPhone. Intuit hasn’t said if Online PayRoll will be made available to the Android platform.
With Monday’s release of QuickBooks Mobile, Intuit now has a whole suite of applications available to the SMB on Google’s Android platform.
At the 2011 InformationWeek 500 Conference, C-level executives from leading global companies will gather to discuss how their organizations are turbo-charging business execution and growth–how their accelerated enterprises manage cash more effectively, invest more wisely, delight customers more consistently, manage risk more profitably. The conference will feature a range of keynote, panel, and workshop sessions. St. Regis Monarch Beach, Calif., Sept. 11-13.
by Brenda Eoff | Accounting News, Uncategorized
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.
by Brenda Eoff | Accounting News, Uncategorized
Tax updates
The standard mileage rate for business driving for 2011 is now 51 cents per mile this is up 1 cent from the 2010 rate.
The tax credit for energy saving home improvement went down.  The credit is now 10% which was 30%. The cap on this credit is now $500, which was $1500.   Caps have been placed on individual items like furnaces and water heaters $150., window $200.    Â
Individuals benefit from a Social Security tax cut.  In 2011 employees will reduce their social security tax withholding rate from 6.2 percent to 4.2 percent of wages paid.   Businesses should have already implemented this change if not please give us a call.
