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IRS sets mileage rates for 2012. The business rate remains 55.5 cents/mile, the medical/moving rate drops to 23 cents/mile, and the charitable rate remains at 14 cents/mile.

For 07/01/2011 through 12/31/2011 the mileage rates are 55.5 cents/mile for business, 23.5 cents/mile for medical/moving, and 14 cents/mile for charitable purposes.

For 01/01/2011 through 06/30/2011 the mileage rates are 51 cents/mile for business, 19 cents/mile for medical/moving, and 14 cents/mile for charitable purposes.
SKOWRONSKI & SKOWRONSKI, P.C.

Why File If You Don't Have To?

Here are some reasons why you may want to file an individual return even if one is not required.

  1. Federal Income Tax Withheld You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
  2. Making Work Pay Credit You may be able to take this credit if you had earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.
  3. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money.EITC is a refundable tax credit; which means you could qualify for a tax refund.
  4. Additional Child Tax Credit This refundable credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
  5. American Opportunity Credit The maximum credit per student is $2,500 and the first four years of postsecondary education qualify.
  6. Health Coverage Tax Credit Certain individuals, who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit worth 80 percent of monthly health insurance premiums when you file your tax return.