Quick tips list
1. The 2012 business standard mileage rate is 55.5 cents
per mile.
2. The first year depreciation limit is $11,160 for passenger
automobiles placed in service during 2012 for which 50% first year bonus
depreciation applies. For trucks and vans with bonus depreciation, the first
year depreciation limit is $11,360.
3. The first-year depreciation limit is $3,160 for
passenger automobiles placed in service during 2012 for which bonus depreciation
does not apply. For trucks and vans with no bonus depreciation, the first-year
depreciation limit is $3,360.
4. Effective in 2012, the IRS began issuing only one employer
identification number (EIN) per responsible party per day, a change from the
previous limit of five per day.
5. Paper coupons may no longer be used for federal tax
deposits.
6. Through 2013, the maximum Business Health Care Tax
Credit for small business employers is 35%.
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