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We hope you find the information included here helpful!
2011 Standard Mileage Rates 

Beginning on January 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

 

51 cents per mile for business miles driven

19 cents per mile driven for medical or moving purposes

14 cents per mile driven in service of charitable organizations.

 

A taxpayer may not use the business standard mileage rate in certain situations (such as for five or more vehicles used simultaneously) or for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.

 

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Electronic Deposit Requirements for Businesses

Under current regulations, all Federal Tax Deposits made on or after January 1, 2011 are required to be made electronically using the Electronic Federal Tax Payment System (EFTPS).  If you mail a deposit to the IRS rather than depositing electronically, a 10% penalty may be applied to each non-electronic deposit.  If you have any questions or need to enroll, please visit www.eftps.gov or call EFTPS Customer Service, 24 hours a day, 7 days a week: 1-800-555-4477.

 

By now, you should have received your "2011 Federal Tax Deposit Requirements for Form 941."  Please forward a copy to us for our records.

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SUTA Tax Rates

The State of Florida Unemployment Compensation Division will be mailing your SUTA rate notices this month.  Please forward a copy to our office for your files.

 

If you use a payroll service, be sure you provide the information to them prior to the end of the year to ensure you are paying the correct rates.

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Greetings! we would like to say "Thank You!" for your continued support.

 

In Appreciation,

The Team at C&L Value Advisors, LLC

 

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In This Issue
Mileage Rates
Deposit Requirements
SUTA Rate Notice
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