On Wednesday, February 22, 2012, President Obama signed HR 3630 into law, extending the 2% payroll tax cut on earned income received by employees and self-employed individuals. Also known as the Middle Class Tax Relief and Job Creation Act of 2012 (the “Act”), this new law extends through the end of 2012 the reduced tax [...]
When the Obama administration releases its fiscal 2013 budget plan next month, the President plans to propose an overhaul of the nation’s corporate tax system. While details remain forthcoming, the proposal is expected to reignite a broader national discussion on tax reform for both corporations and individuals. Although Obama has suggested lowering the corporate rate, [...]
The IRS released the 2012 standard mileage rates for business use of automobiles. Taxpayers driving a car, van, pickup or panel truck can use these rates to determine the deductible costs of that vehicle’s operation. 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving expenses 14 cents per [...]
