The IRS has increased the standard mileage rate for the second half of 2011 due to rising gas prices over the last several months. The new standard mileage rate has been increased from 51 cents per mile to 55.5 cents per mile effective July 1, 2011 through December 31, 2011. Employers whom reimburse mileage expense to their employees should begin reimbursing mileage at the new rate of 55.5 cents for miles driven July 1, 2011 and after. Self-employed individuals and employees who track mileage for deduction on their tax returns will need to break-down the miles drive between 1/1/11 to 6/30/11 and 7/1/11 to 12/31/11 to properly calculate the deduction for 2011.
- Street Address
1050 Forrest Ave.
Gadsden, AL 35901
Get Map and Directions
Mailing Address
P. O. Box 1070
Gadsden, AL 35902
Phone:
(256) 547-2588
Fax:
(256) 543-2950
E-mail:
accountant@hhscpa.com 
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Important Dates
Personal Finance
- 401(k) Contribution Limits: Many employers offer what are commonly referred to as 401(k) plans, named after the tax code section...
- Above-The-Line Education Deduction: Through 2011, taxpayers are allowed up to a $4,000 above-the-line deduction for qualified higher edu...
- Self-Employed Education Twists: Self-employed taxpayers should consider their options carefully when it comes to applying tax benefi...
- Deduction for Higher Education Interest: When this deduction was first created some years back the deduction was limited to interest for the ...
- Educational Tax Credits: The law provides for two nonrefundable tax credits, the American Opportunity (or Hope Scholarship cr...
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- New Penalties for Failure to File or Furnish Information Returns: Tax law requires businesses to provide information returns, such a 1099s, to each payee that the bu...
- Rental Owners Need to Prepare for New 2011 Reporting Requirement: If you are a rental owner and during 2011 make payments of $600 or more to a service provider (suc...
- Small Employer Simple Cafeteria Plans: For years beginning after Dec. 31, 2010, small employers (average of 100 or fewer employees on busin...
- Mandatory Health Insurance Overview: Many of the provisions of the Health Care Legislation are linked to the mandate that everyone become...