TWILLEY, ROMMEL & STEPHENS P.A

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Small Business Jobs Act of 2010

24.09.2013
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Small Business Jobs Act of 2010

Here are highlights of the tax changes in the 2010 Small Business Act.

– Depreciation Expensing  Limits Increased

Increased Section 179 expensing from $250,000 to $500,000 for 2010 and 2011; phaseout of deduction begins after $2 million of eligible property purchased
Up to $250,000 of qualified real property purchases can be expensed
Bonus first-year depreciation (50%) extends through 2010
First year dollar cap for passenger autos increased from $3,060 to $11,060.

– Deduction for startup expenses increased […]

2010 Tax Act: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

24.09.2013
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2010 Tax Act: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

Here are highlights of the tax changes in the 2010 Tax Act:
– Major Provisions

two-year extension of the Bush tax cuts
reduction of estate tax
extension of unemployment benefits
alternative minimum tax (AMT) patch
extension through 2012 of the lower capital gains tax rate introduced in 2003
two-year extension of the repeal of the itemized deduction phase-out and the personal exemption phase-out

– Bush tax cuts referred to […]

Food and Beverage Industry Developments

24.09.2013
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Food and Beverage Industry Developments – June 2011

– 9% Sales Tax on Maryland Alcohol Sales

Effective July 1, 2011 the sales tax is 9% for sales of alcohol fit for beverage consumption (does not apply to cooking wine, baking extracts, etc.)

The 9% tax rate must be listed separately on the guest check

For catered events or events where alcohol is combined with the price of non-alcoholic items (i.e., all-you-can eat brunch with unlimited mimosas), itemized charges for equipment, supplies and labor directly related to the sales of alcoholic beverages should be taxed […]

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 […]

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