Posts Tagged ‘taxes in orlando’

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. ...

During summer months, many people sell their home and move to a new location.  Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.  Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home.  That profit, considered a capital gain, is usually subject to income tax.  However, under certain circumstances the law allows you to exclude all or part of that gain from your income – that is, ...