The IRS has increased the standard mileage rates to be used in computing the deductile costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage from July 1, 2011 through December 31, 2011.

The revised rates are 55.5 cents per mile for business driving and 23.5 cents for medical and moving driving. The rate for charitable driving is fixed by law and remains at 14 cents per mile.

According to the IRS, mileage rates were r...
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America Gets a Raise

As part of the Tax Relief Act of 2010, Social Security tax rates will be lowered by two percent. The employee-portion of Social Security taxes will be reduced from 6.2% to a temporary rate of 4.2% for 2011 only.This 2% tax break also applies to self-employed individuals. Medicare taxes are unchanged, the employer-portion of Social Security remains 6.2%, and the Social Security wage base remains $106,800 for 2011.

What it means: You could get a raise in your pay by as...

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