Tax Changes | Small Office Home Office Tax Tips

The 1099K…


Yet another document pertaining to taxes and small business, what you need to know about the 1099K from Outright.com.

big news for small business owners 1099 K Infographic
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Tax Tips online courtesy of Boston.com


SOHO Tax Tips regarding online resources

SOHO Tax Tips regarding online resources

Tax tips are now available online using your iPhone or Droid. Thanks to an article entitled “Using Social Media To Get Tax Information” on Boston.com, here is a list of online resources available from both the Internal Revenue Service website and social media portals that can be useful not just during tax season but throughout the calendar year. The article at Boston.com lists resources that are accessible from either your desktop computer or mobile phone.  In fact, IRS2Go is a mobile app for both Apple and Android users. It provides personal tax refund information and other tax tips and tax-related information.

2011 Standard Mileage Rate Changes


2011 Standard Mileage Rate

2011 Standard Mileage Rate

The Internal Revenue Service (IRS) has increased the optional standard mileage rates for 2011. These optional rates can be used to calculate deductible costs of operating an automobile for either business or other uses instead of reporting actual travel-related costs. Charitable mileage rates remain at the current 14 cents a mile in 2011.  The table below summarizes the increases for this year.

IRS Standard Mileage Rates in 2011
Jan 1 - June 30 July 1 - Dec 31
Business 51 cents 55.5 cents
Medical/Moving 19 cents 23.5 cents

The comments and opinions expressed in SOHOTaxTips are intended for informational purposes only and do not constitute tax or financial advice. Due to the changing nature of the tax code, these blog posts may contain dated material. For an update on the current IRS tax code and the application of the code to your particular facts and circumstances, consult a professional advisor. The information contained herein is not a substitute for obtaining tax or financial advice from a qualified professional in your state.

IRS CIRCULAR 230 DISCLOSURE: IRS regulations require that we inform you that any U.S. federal tax advice contained in this blog is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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