Taxpayer changes for cell phones and mileage rates

Cell phones removed from listed property category

Cell phones have become so ubiquitous that the Small Business Jobs Act of 2010 has  eliminated the need to create special record-keeping by taxpayers for employer-provided cell phones.

IRS makes mid-year 2011 adjustment to business standard mileage rate

For the third time in six years, the IRS announced a mid-year adjustment to the business standard mileage rate because of rising gasoline prices. The business standard mileage rate increased from 51 cents-per-mile to 55.5 cents-per-mile for the second half of 2011 and into 2012.

Categorized in: Cash Flow - Finances