2011 Tax Rules
IRS standard mileage rates beginning January 1, 2011
- Medical (if you drive your private vehicle for medical appointments): $0.19/mile
- Moving (if you drive your own vehicle when relocating due to new job or change in job location when new job is at least 50 miles from former home): $0.19/mile
- Charitable work (if you drive your private vehicle for volunteer work): $0.14/mile
- Business (primarily for self-employed taxpayers and employees who use their own vehicles to conduct business for their employers): $0.51/mile
---
Don’t Lose out on Unclaimed Money
Unclaimed refunds totaling more than $1.1 billion (with a ‘B’) are awaiting nearly 1.1 million people
who did not file a federal income tax return for 2007!
But to collect the money, a person must file a tax return for 2007 with the IRS no later than
Monday, April 18, 2011. The IRS estimates that the median unclaimed refund for tax-year 2007 is
$640 or more.
For example, in New York State, unclaimed IRS refunds total $78,405,000, which is a substantial amount of money that is not coming into the New York State economy. More importantly, individuals and families who are due that money are not claiming it. Some people may not have filed because they had too little income to require filing a tax return. Others may have put it off even though they had taxes withheld from their wages or made quarterly estimated payments. When a return is not filed, the law gives most people a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. The IRS reminds taxpayers seeking a 2007 refund that their check will be held if they have not filed tax returns for 2008 and 2009. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans. By failing to file a return, people stand to lose more than a refund of taxes withheld or paid during 2007. In addition, many low- and moderate-income workers may not have claimed the Earned Income Tax Credit. The EITC helps individuals and families whose incomes are below certain thresholds, which in 2007 was $39,783 for those with two or more children, $35,241 for people with one child, and $14,590 for those with no children.Current and prior year tax forms and instructions are available on the IRS Forms and Publications
web page or by calling toll-free 1-800-TAX-FORM (1-800-829-3676). Taxpayers who are missing
Forms W-2, 1098, 1099 or 5498 for 2007, 2008 or 2009 should request copies from their
employer, bank or other payer.
Ten simple facts about making charitable contributions
Here is a link from the Planned Giving Design Center with links from IRS regarding charitable contributions: http://bit.ly/aqIEEP