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IRS Increases Mileage Rate to 55.5 Cents per Mile
New Rates starts July 1, 2011
The Internal Revenue Service announced on June 23, 2011 (Announcement 2011-40) that they will increase the optional standard mileage rates for the final six months of 2011 effective July 1, 2011. The current mileage rate of 51 cents per mile will increase to 55.5 cents per mile.
Health Care Credit for Small Nonprofits (Ministries)
Written by Nick YzziMinistries that pay for their Employee’s Health Insurance may be eligible for a significant tax credit.
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (PPACA) which enables qualified small employers including non profits to claim a tax credit when they pay for at least 50% of the health insurance premiums for their employees. If eligible, a ministry can receive a significant tax credit. This new laws is effective for years starting in 2010.
On December 17, 2010 President Obama signed a bi-partisan tax bill which, among other things, extended the Bush tax cuts which were about to expire.
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a 2% payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2% to 4.2% of wages paid.
