September 19, 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 Trend Video Pick -

Dry Tortugas: Seaplane to Snorkeling
Dry Tortugas: Seaplane to Snorkeling

Accessible only by boat or seaplane, Dry Tortugas National Park is known the world over as the home of magnificent Fort Jefferson, picturesque blue waters, superlative coral reefs and marine life, and the vast assortment of bird life that frequent the area.

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