If you own a restaurant and your employees are tipped, listen up! This post specifically applies to you as it pertains to the new tipped employee laws set forth by the Fair Labor Standards Act.
If you deduct vehicle mileage on your tax return(s), you’ll be happy to know that the IRS has increased the standard mileage rate for business, medical, and moving expenses. The new rate is increased 4.5 cents per mile and it goes into effect for miles driven starting July 1, 2011 through December 31, 2011.
I encourage you to update your mileage log/calendar as of June 30, 2011 and record your odometer reading(s) on those vehicles. It would also be helpful to attach an oil change or other maintenance receipt from a third party to back up any mileage reading as of June 30th.
Did you receive notice of this increase in standard mileage rate for business from your current accountant? Does your C.P.A provide you with a free eBook library where you can learn about:
Being prepared for the small business tax that you will have in 2011 should be a top priority.
Staying ahead of the curve helps as well. So here are your 3rd quarter tax strategies to know.
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