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2010 Standard Mileage Rates

admin — Fri, 04 Dec 2009 13:59:21 +0000

The IRS has just released the 2010 standard mileage rates that can be used to calculate the deductible expense of using an auto for business, charity, medical or moving purposes.

Effective January 1, 2010 the standard mileage rates are:

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

These new rates are lower than the 2009 standard mileage rates (except for the charitable mileage which stays the same) which are:

55 cents per mile for business miles driven
24 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Congress Mandates Electronic Filing

admin — Sun, 08 Nov 2009 19:36:35 +0000

Congress has passed a bill that would require electronic filing by all return preparers “except those who neither prepare nor reasonably expect to prepare ten or more individual income tax returns in a calendar year.” The new law goes into effect for returns prepared after Dec. 31, 2010.

The new ruling applies to returns for estates and trusts as well as individuals.

Kesner, Godes & Morrissey has participated in the e-filing of tax returns for several years now and encourages all of their clients to file electronically.

Massachusetts Increases Sales and Meals Tax to 6.25%

admin — Wed, 04 Nov 2009 15:38:39 +0000

Effective August 1, 2009, the Massachusetts sales tax is 6.25 percent of the sales price or rental charge of tangible personal property or certain telecommunications services sold or rented in the Commonwealth. This is an increase from the old rate of 5%.