Miscellaneous Newsletter
2012 Mileage Rates
Written by Newsletter Editor on February 9, 2012
Beginning January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) changed to:
55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
The rates for business and charitable miles are unchanged from the mid-year adjustment that became effective on July 1, 2011.
The medical and moving rates have been reduced by 0.5 cents per mile.
Olsen Thielen Sends Holiday Wishes
Written by Newsletter Editor on December 8, 2011
All of Us at Olsen Thielen Join in
Saying Thank You and
Wishing You a
Happy Holiday and a
Prosperous New Year
Minnesota e-Services
Written by Jilayne Leary on October 11, 2011
Beginning in October 2011, the Minnesota Department of Revenue (DOR) will start to transition businesses that currently use the e-File Minnesota system to a new online system, Minnesota e-Services. Read the rest of this entry »
Estate and Gift Tax Changes in the 2010 Tax Relief Act
Written by Joel Grundmeier, CPA, MST, CFP on April 7, 2011
We have been operating under considerable uncertainty for some time about the estate tax laws. The federal estate tax was actually allowed to expire in 2010 and almost came back in 2011 with a return to a $1,000,000 exemption and 55% tax rate. However, in December 2010, Congress finally passed estate tax legislation.
New estate and gift tax rules. The estate tax exemption was raised to $5 million and the tax lowered to a 35% rate for 2010, 2011, and 2012. The problematic modified carryover basis rules are eliminated and heirs get to use the date-of-death value for inherited assets. Also, Congress added a new portability feature to the exemption. In 2011 and 2012 any estate tax exemption that is not used by the first spouse is available for use by the surviving spouse. For lifetime gifts, the exemption for 2011 and 2012 has also been raised to $5 million with a 35% tax rate. Read the rest of this entry »
-
Miscellaneous Newsletter
