For business use of an automobile remains at 55½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent decrease from the second half of 2011). For services to charitable organizations, the rate (which is set by statute) is 14 cents per mile.

Rather than using the standard mileage rates, taxpayers may instead use their actual costs if they maintain adequate records and can substantiate their expenses. The rules for substantiating these amounts appear in Rev. Proc. 2010-51.

For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 23 cents per mile for 2012 (it was 22 cents per mile for  2011).

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Since 1993, Fox Peterson has fostered entrepreneurial spirit by providing a wide range of accounting, consulting and tax services to small businesses throughout Arizona and the United States. Clients of Fox Peterson experience the professional level and knowledge expected from a large industry stronghold (accounting firm), but with the personal attention and reasonable rates of a small, local agency. We are proud to preserve the old-fashioned benefits of professional and prompt service while ensuring our company is up-to-date with all of the latest tax laws and accounting technology. As a Fox Peterson client, you will benefit from the ease of mind that comes with service you can rely on.

We emphasize long-term relationships and continually advise our clients to ensure their future success. The way we see it, our clients’ success is our success. Our CPAs are proficient in all aspects of taxes and accounting, so no matter what your small business or personal accounting needs are, we can help. We cater mostly to small, closely-held businesses, but also serve a variety of individuals and organizations. We offer all the amenities and services of a large accounting firm, but care enough to establish strong relationships with all of our clients. We firmly believe that by getting to know you, we are better able serve you.

We emphasize long-term relationships and continually advise our clients to ensure their future success. The way we see it, our clients’ success is our success. Our CPAs are proficient in all aspects of taxes and accounting, so no matter what your small business or personal accounting needs are, we can help. We cater mostly to small, closely-held businesses, but also serve a variety of individuals and organizations. We offer all the amenities and services of a large accounting firm, but care enough to establish strong relationships with all of our clients. We firmly believe that by getting to know you, we are better able serve you.

ac·count·ing

[uh-koun-ting] noun

The reality of the matter is that our taxes are accruing everyday, not just leading up to the 15th of April.  So it would be wise for us to prepare for our taxes or our tax situation all year long.  By becoming educated on the what our tax liability is and what things affect it we can then adjust our daily lives to reduce the tax liability that we have.  That’s not to say that you will eliminate your taxes or pay anything less then you should.  It just means that you won’t overpay or have to scramble and the end of the year.  When we scramble we often have to guesstimate on what amounts we spent or contributed and that leaves us more vulnerable in the event of an audit.  For some tax saving tips and advice visit the Fox Peterson Learning Center at http://foxpeterson.com/learning-center/.