Just saw the IRS standard milage rates for 2011They are 51 cents a mile for business travel (up from 50 cents in 2010) 19 cents a mile for medical and moving (up from 16.5 cents in 2010) 14 cents for charitable activities (this doesn’t change – passed by law)So break out the champaign – lots of additional tax deductions for 2011 (sure!)
Brian’s Tax Musings
I just posted a discussion about auto logs on my website www.briantstonercpa.com under tax and finaniclal tips. Take a look at it. If you use your car for business it is worth it to keep a log even if it is a pain because it is the one piece of taxpayer generated info that the IRS has to accept.As I thought there is talk of putting the unemployment extension together with the extension of Bush tax cuts. Still waiting for something to be done.On a personal note, my daughter has been getting almost straight As this semester in middle school (Got a B+ in PE; oh well) and finished a project for science last night (with a little painting help from her dad) that I think is fantastic. She is making a frontier town that is similar to a cell in the body with different features that mirror a cell’s functions. She used clay and wood and other stuff to put it together. She has a picture of it on her Ipod and if I can figure out how to put on the computer I’ll show you next week.
Brian’s Tax Musings
Heard a scary piece on the news this morning. People who have terminal illnesses and have over a million dollars in assets are considering dying before the end of 2010 so their heirs won’t have to pay estate tax! There is no estate tax in 2010, but starting in 2011 only $1,000,000 in assets is excluded and you could pay up to 55% in tax on the excess assets unless congress and the president do something to change tax law soon. Talk was to extend 2009 exclusion of $3,500,000 per person for 2011 and 2012, but so far nothing. Except talk as usual.