By Blog | June 30, 2011 at 02:00 PM EDT | No Comments
IRS Increases Mileage Rate to 55.5 Cents per Mile
IR-2011-69, June 23, 2011
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "We are taking this step so the reimbursement rate will be fair to taxpayers."
While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses 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, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2011-40 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
By Blog | June 27, 2011 at 09:33 PM EDT | No Comments
Don't forget that payroll taxes are due by July 31. You can't electronically file the 941 thru QuickBooks until July 1. If you don't even like doing Payroll Taxes just give us a call 503-579-8059.
By Blog | December 21, 2010 at 04:14 PM EST | No Comments
We know thefuturewill be in the clouds. I know we are a bit in front of the crowd right now but that future is right in front of where we are. We mainly use QuickBooks in our bookkeeping & accounting service. The system we use covers:
Both you & the bookkeeper can print to your printer or to theirs.
With the document manager you both can scan documents to a file that both of you can see.
You can use Mac on this cloud based system.
You can rent extra licenses of QuickBooks if need for long term or short term. We are talking full fledge desktop versions. These are the same versions listed above.
Best part of all, there are a number of copies created per day so you can easily restore earlier copies.
There is also no real computer maintanence.
Security has been taken seriously using Citrix.
You will be logging into very large, fast servers.
You may be able to put other programs on there too; just ask us.
A couple of scenarios:
You can scan your original documents into Document Manager and the bookkeeper can use the dual monitors. One screen is used for the document and the other for QuickBooks, Excel, or Word too.
OR
You could mail the documents or have the documents mailed to the bookkeeper direct and they can scan the document into the document manager so you can see the document.
We provide full bookkeeping/payroll services & accounting. With 4 CPA companies in our building we will leave the taxes & audits to them. We can introduce you to them if you wish. We would really like to invite you to check us out no matter what state you are in. 503-579-8059. Sales@sosnw.com
Give Smith Office Solutions a call today, at 503-579-8059, to get a clear view of your business!
Smith Office Solutions 9725 SW Beaverton-Hillsdale Hwy, Suite 230 Beaverton, Oregon 97005 Info@sosnw.com
