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A Few Tax Updates!

December 10, 2010

At GAI ( it is our commitment to keep you informed with new and updated tax law as we get the information. Here are a few that I received this morning.IRS Plaque

Beginning January 1, 2011 th standard mileage rates are:

  • 51 cents per mile for business miles driven
  • 19 cents per mile for medical or moving purposes
  • 14 cents per mile in service of charitable organizations

For automobiles a taxpayer uses for business purposes, the portion of the standard mileage rate treated as depreciation is 22 cents per mile for 2011.

The IRS announced that interest rates for the calendar quarter beginning January 1, 2011, will decrease from the previous quarter. The rates will be:

  • Three (3) percent for overpayments (two (2) percent in the case of a corporation)
  • Three (3) percent for underpayments
  • Five (5) percent for large corporate underpayments
  • One-half (.5) percent for the portion of a corporate overpayment exceeding $10,000

If you have any questions please give us a call at 212-979-6830 or stop in to see us. We look forward to helping you with all of your financial needs. See you soon!


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