Tax And Business Law  

The year 2010 has brought some changes in the tax and business law. In a nut shell, this change can be described in three phases. The highest amount of salary for Social Security withholdings has not altered. In the year 2009, the highest Social Security salary was $106,800 which has been kept same for the year 2010 also. The basic reason for keeping this unaltered was an absence of any indicator that could have led to a hike in the benefits for the current year.

The present law also has no implications on the Medicare. The rate remains at 1.45 percent for a net deduction for each individual of 7.65 percent.

What has changed in the present scenario is the IRS standard mileage rate. The law in this year has decreased the standard mileage rate for moving or driving for business purpose only not for the charity purpose. The following are the revised rates:

  • 50 cents/mile for business purposes
  • 16.5 cents/mile for moving or medical purposes
  • 14 cents/mile for service in charitable associations

For all the assets that are acquired after 31 December 2009, they will have some important depreciation reduced or not available. The key features of this change can be highlighted as 50 percent bonus on first year of depreciation is not there any more. Increased depreciation on heavy hybrids has been removed and the increased amount for Section 179 depreciation of $25,000 has been abolished and the $134,000 on assets acquired and utilized in the year 2010 has been executed.

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Tax And Business Law
 

What-Is-Federal-Tax-Law      Federal tax law is a set of regulations that is owned by an authority primarily the government which has the right to impose income tax on individuals and businesses regardless of their origin of income. The origin of income could be from salary, property, services, capital gains, annulment or release of debts and earnings from interests. More..

 


 

 

 
   
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