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]

corporate estimated taxes payments

Who has to pay
Generally, a corporation that expects to owe more than $500 when their taxes are completed.

How much to pay
To avoid penalty, you need to pay in the lesser of:

  • • 100% of the prior year’s total tax, in four equal installments* OR
  • • 100% of the current year’s total tax , in four equal installments*

* The IRS expects to receive 25% of the tax each quarter. But if the income was not earned evenly throughout the year, the annualized income method can be used and estimates need not be the same amount each quarter.

When to pay

  • 1st quarter – March 15th
  • 2nd quarter – June 15th
  • 3rd quarter – September 15th
  • 4th quarter –December 15th

How to pay
FEDERAL: All Federal corporate payments must be made electronically through EFTPS (Electronic Federal Tax Payment System) 
MD
VA
DC