Mileage Rates to Increase
Just this morning the IRS issued Announcement 2011-40 releasing news that the business standard mileage rate will increase to 55.5 cents a mile for all business miles from July 1, 2011, through December 31, 2011. This is an increase of 4.5 cents a mile from the 51 cents rate for the first six months of 2011.
The medical and moving mileage rates will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute and remains at 14 cents a mile.
At least $10 in royalties (see Box 2 on page 4) or broker payments in lieu of dividends or tax-exempt interest (see Box 8 on page 7);
At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
Any fishing boat proceeds; or
Gross proceeds of $600 or more paid to an attorney. See Payments to attorneys on page 2."
Here is a great link to a calendar that shows various tax deadlines for 2011: IRS Tax Calender. You might want to bookmark it so you have it at your finger tips.
Also for those who only have a few 1099-misc forms or W-2's to file , you can file them for free at
Here's a link to a summary of a few important tax changes for Small Business made in 2010.
Tax Changes for Small Business
Here are the 2010 & 2011 Standard Mileage rates: Standard Mileage rates for 2011 and 2010 standard mileage rates.