Generally, taxpayers can use their actual expenses when calculating the deductible cost of operating an automobile for business, medical, moving expense, or charitable purposes, or they can utilize an optional standard mileage rate set by the IRS. The IRS has recently revised the optional standard mileage rates used for computing the tax deduction for operating an...
Read MoreThe Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“2010 TRA”) was enacted on December 17, 2010. The legislation postpones certain sunset provisions under The Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) relating to federal individual income-tax rates (commonly referred to as the Bush-era tax cuts). The Act...
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