The 2011 standard mileage allowance rate for business travel is 51 cents per mile. For charitable travel the 2011 rate is 14 cents per mile. For medical travel the 2011 rate is 19 cents per mile.

The estates of wealthy individuals who died in 2010 didn't pay any federal estate tax, but that situation is about to change. Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at the top rate of 35% of the estate's value after the first $5 million. I am writing to provide a brief overview of the new law.

You may want to evaluate your w-4 withholding allowances for 2011. if you received a large refund or paid underpayment penalties with your 2010 tax return, it may be an indication that withholding allowances need to be adjusted. Often a change income or job can effect the withholding allowances.

Bailey & Utley, CPAs

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San Leandro, California 94577
Phone:
510-614-1895
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510-614-1899

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