2012 Tax Law Changes

TAX CHANGES FOR 2012
2012 STANDARD MILEAGE RATES 
     55.5 cents per mile for business miles
     23 cents per mile for medical or moving purposes
     14 cents per mile driven in service of charitable organizations

SAVINGS FOR EMPLOYERS: The HIRE Act went into effect on March 18, 2010. This Act allows employers to claim a payroll tax credit for the employer share of Social Security taxes for employees hired after February 3, 2010 and before January 1, 2011. For more information, see "Savings for Employers" under 2010 Tax Law Changes. If you didn't claim the credit in 2010, you still can by amending your 2010 quarterly 941 reports. You will still need to have your employees complete a W-11. Not sure how to decide if you're eligible for the credit or if it's worth it, call or e-mail me and we can discuss it.