Standard Mileage rates

Business
2011: Jan – Jun 51 cents/mile
2011: Jul – Dec 55.5 cents/mile
2012: 55.5 cents/mile

 

Charity:
2011 & 2012: 14 cents/mile

 

Medical/Moving:
2011: 19 cents/mile 2012:
23 cents/mile

 

 

 

[business taxes]

Due dates + penalties

 PARTNERSHIP RETURNS 

  • Due April 15th -  can be extended until September 15th. 
  • The penalty for filing late is $195 per partner per month.  Since partnerships are pass-through entities, the tax is paid on the partners’ individual returns, so there’s no penalty for paying late at the partnership level.

CORPORATE RETURNS – There are 2 types of corporate returns – C Corps (also called regular corps) and S Corps. 

  • Due March 15th – both types, and can be extended until September 15th.
  • C Corp penalties for filing late are 5% of the balance due per month, not to exceed 25%.  (So, if there’s no balance due, there’s no penalty for filing late.)  The penalty for paying late (after March 15th) is .5% (one half percent) of the balance due per month.
  • S Corp penalties for filing late are $195 per shareholder per month.  Since S corps are pass-through entities, the tax is paid on the shareholders’ individual returns, so there’s no penalty for paying late  at the corporate level.

LLC RETURNS – A Limited Liability Company can be taxed as a sole proprietorship, partnership, C corporation or S corporation.  So, you need to know what type of tax you have elected or perhaps the default tax status for your LLC.