July 24, 2014

Taxes

Learn the basics of federal and state taxation.

| 3/2/2009

What's New in 2009

» Mileage
The business mileage
rate as of Jan. 1, 2009, is 55 cents per mile.

» Expensing
Businesses may expense up to $250,000 of new or used depreciable, tangible personal property using the section 179 deduction. If the business spends more than $800,000 on section 179 property, the amount of the deduction is reduced by $1 for every $1 over $800,000. Check IRS Publication 946, “How to Depreciate Property,” for more details.

» Self-Employment
The self-employment tax rate on net earnings remains the same for 2009. The 15.3% rate is a combination of 12.4% for Social Security and 2.9% for Medicare. The maximum amount of the Social Security part of the tax in 2009 has increased to $106,800 (up from $102,000 in 2008).

» Social Security and Medicare
The employer and employee will each continue to pay 6.2% for the Social Security tax and 1.45% for Medicare. The maximum amount of the Social Security part of the tax in 2009 has increased to $106,800 (up from $102,000 in 2008).



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Florida Business News

Florida Trend Video Pick -

Lazydays to star in new Travel Channel show about buying an RV
Lazydays to star in new Travel Channel show about buying an RV

Shopping for an RV at Lazydays RV SuperCenter in Seffner is the focus a new reality show premiering Sunday on the Travel Channel.

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