During the last month of 2010, Congress signed into law the Economic Growth and Tax Relief Act of 2010. The changes that we need to be aware of are:
• The new law reduced the employee's share of Social Security tax for 2011 from 6.2% to 4.2%.
• The new law extends the income tax rates for two years for everyone.
• Temporarily extends the 10% bracket.
• Temporarily extends the 25%, 28%, 33% and 35% tax brackets through 2012.
• The 15% top rate for capital gains and qualified dividends will remain for 2011 and 2012.
• Temporarily repeals the personal exemption phase-out.
• Temporarily repeals the itemized deduction limitation.
• Temporarily extends the current modified child tax credit. The amount stays at $1,000 per child and may be refundable.
• Per IRS Notice 2010-88 the 2011 mileage rates are:
o Business Standard Mileage Rate: 51 cents per mile
o Moving/Medical Standard Mileage Rate: 19 cents per mile
o Charitable Standard Mileage Rate: 14 cents per mile
• Two year alternative minimum tax (ATM) patch for exemption amounts:
o 2010 $47,450 (individuals) $72,450 (married filing jointly)
o 2011 $48,485 (individuals) $74,450 (married filing jointly)
Relocation Benefits Expense Management Software continually updates federal and state tax changes so that you can be sure that your employee expense management is handled properly.
To find out more about our EXPENSE MANAGEMENT SERVICES please contact me andy@relocationbenefits.com
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9 comments:
Thank you for the update on the tax law changes.
moving company
timely updates, very helpful,thanks for the share!
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Relocation services are useful in many ways, like they reduce the damage cost, save time and take the stress off people which they pile on during move. House Removals
Thanx a lot for the Update.
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These updates will sure help a little in making the life easy.
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Many of the people have that time in their life atleast for one time they have to move from one place to another so the updats are really helpfull.
I would wish to thank you for those efforts you've got created in writing this post. House Movers
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