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(December 23, 2011)

Federal Payroll Taxes Temporarily Extended into 2012

The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through Feb. 29, 2012.

For additional information, please see:

http://www.irs.gov/newsroom/article/0,,id=251650,00.html?portlet=108

(December 9, 2011)

IRS Announces Standard Mileage Rates for 2012

The optional standard mileage rates for 2012 are:

55.5 Cents Per Mile for Business Mileage

23 Cents Per Mile for Medical or Moving Purposes

14 Cents Per Mile Driven in Service of Charitable Organizations
For additional information, please see:

http://www.irs.gov/newsroom/article/0,,id=250882,00.html?portlet=107

(September 1, 2011)

California Announces State Income Tax Brackets for 2011 Tax Year

Items such as the state's standard deduction, personal exemption credit and dependent exemption credit have increased for the 2011 tax year.

For additional information, please see:

http://www.ftb.ca.gov/professionals/taxnews/2011/September/Article_2.shtml

(June 23, 2011)

Higher Standard Mileage Deduction for Business and Unreimbursed Employee Expenses Starting on July 1, 2011

Effective for travel between July 1 and December 31, 2011 the optional standard mileage deduction for businesses and employees will be increased to 55.5 cents per mile (from 51 cents per mile in the first half on the year).

The standard mileage rate for moving and medical expenses has also been increased for the second half of 2011.

For additional information, please see:

http://www.irs.gov/newsroom/article/0,,id=240903,00.html