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The Internal Revenue Service  issued the 2011 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 51 cents per mile for business miles driven 19 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under ...

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs and depreciation. To qualify, you must meet both of the following tests. The business part of your home must be used exclusively and regularly for your trade or business. However, there are exceptions for daycare facilities or storage of inventory/product samples. The business part of your home must be: Your principal place of business, or A place where you meet or deal with patients, clients, or customers in the nor-mal course of ...

Business owners and tax professionals have been advocating that the IRS begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for audits. The IRS has recently completed training for revenue agents on QuickBooks® Premier Accountant Edition 2010 software.  The IRS agents were trained and are now being encouraged to request and accept taxpayers’ QuickBooks files, as appropriate. The IRS is also able to accept electronic records from Peachtree® accounting software. Electronic files should be provided on a CD, DVD, or flash/jump drive to ensure security of the files. Obtaining the taxpayer's accounting records in ...

Intuit has recently added a new and improved features for 2011 that you may find useful for payroll users. 1. Setting up Direct Deposits for Vendors This new feature will save you time, as you will no longer need to print and mail checks to your independent contractors. This feature also allows you to more efficiently track your money. 2. Automatically submitting Intuit 401(k) contributions with payroll If your business uses Intuit 401(k), you can now automatically submit your employees’ 401(k) contribution amounts when you run ...

A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked.  Nonprofit organizations that are at risk can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program. The Pension Protection Act of 2006 mandates that most tax-exempt organizations must file an annual return or submit an electronic notice, with the IRS and it also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its ...

Reasons you should attend the QuickBooks Training Classes Taught by CPA’s with years of experience who are also "QuickBooks Certified". QuickBooks Training saves you time and money. You'll begin to work smarter, not harder. Answers to your specific QuickBooks questions and solutions to your specific problems. Discover amazing QuickBooks tips and tricks. Learn to use your QuickBooks software the right way. Master those tricky transactions in QuickBooks. Comprehensive QuickBooks workbooks included. Your Satisfaction Guaranteed! For further information on ...

IRS Announces 2010 Standard Mileage Rates IR-2009-111, Dec. 3, 2009 WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and moving purposes are slightly lower than last year’s. ...

It is not too late to file a return to claim your economic stimulus payment. You must file a return by October 15 to receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the check. People who have no tax filing requirement but have at least $3,000 in qualifying income should file a simple Form 1040A to claim the minimum payment of $300 ($600 for married couples) plus the $300 payment for each qualifying child younger than ...