Yearly Archives: 2011

Tax Credits for Energy-Efficient Home Improvements

If fluctuating energy costs and environmental concerns have you looking for ways to go green, the following energy-efficient home improvement credits may help. Making certain energy efficiency improvements to your home may also help lower your tax bill. $500 Credit for Basic Energy-Saving Improvements There are two different tax credits for energy-saving home improvements. The […]


End of the First-Year Depreciation Incentives?

Due to the recession, Congress dramatically increased tax incentives for businesses that expend amounts for capital equipment and certain building improvements. The long-standing Section 179 deduction was expanded to the current rate of $500,000 per year. Similarly, Congress added an incentive in the form of 100% bonus depreciation for many new (rather than used) asset […]


End of the First-Year Depreciation Incentives?

Due to the recession, Congress dramatically increased tax incentives for businesses that expend amounts for capital equipment and certain building improvements. The long-standing Section 179 deduction was expanded to the current rate of $500,000 per year. Similarly, Congress added an incentive in the form of 100% bonus depreciation for many new (rather than used) asset […]


Optional Standard Mileage Rates

The Internal Revenue Service announced an increase in the standard mileage rate used to calculate the deductible cost of operating a car for the second half of the year. The rate will be 55.5 percent per mile for all business miles driven from July 1 through December 31, 2011. This is an increase of 4.5 […]


Early Tax Planning for 2011

Short-term Tax Planning Strategies that May Help You Save on Your Taxes No one knows what future tax rates, deductions, and credits will be, so how can we help you develop a plan to minimize your federal income taxes when there are so many uncertainties? Last December Congress approved several short-term tax breaks. Contryman professionals […]


Repeal of Expanded 1099 Reporting Rules for Businesses

The President recently signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (the 1099 Act). This new act retroactively repeals the expanded Form 1099 information reporting rules added by 2010 legislation. The 1099 Act repeals the Health Care Act’s extension of the Form 1099 reporting requirements for payments made […]