TWILLEY, ROMMEL & STEPHENS P.A

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IRS Increases Mileage Rate

24.09.2013
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IRS Increases Mileage Rate to 55.5 Cents per Mile (effective July 1, 2011)

In recognition of recent gasoline price increases, the Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011. The rate has increased 4.5 cents to 55.5 cents per mile for all business miles driven from July 1, 2011 through December 31, 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate for medical […]

2012 Tax Developments

24.09.2013
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2012 Tax Developments and Updates

Social Security Tax Updates

The wage base for computing the Social Security tax in 2012 increases to $110,100 from $106,800
The FICA tax rate for employees, which was reduced in 2011 to 4.2% from the normal 6.2%, reverts back to 6.2% in 2012
Cash paid by an employer for domestic service in the employer’s private home is not considered FICA wages if the amount paid during the year is less than $1,800 (up from $1,700 for 2011).  The dollar threshold applies separately […]

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