SKR+Co Alert: End of Year Giving, Ent. Zone, Pre-certification, & More!
December 14, 2011
Tips to make Year-End Charitable Giving Payoff at Tax Time
If you’re thinking of making year-end donations to your favorite charities, you only have a little bit of time left! We've put together a list of tips to keep in mind to make sure the donations result in a deduction that will help minimize your 2011 tax liability.
Read the Full Article
Enterprise Zone Pre-Certification update
Last month, we sent out an e-blast letting you know about the pre-certification that is now required for all enterprise zones in order to receive the credit. At the time, Colorado had not finalized this process. They have now!
As a reminder, if your business will perform an activity on or after January 1, 2012 that will earn an EZ business tax credit, your business must receive pre-certification prior to commencing the activity that will earn the credit. Therefore, we recommend that all businesses located in an enterprise zone pre-certify by 12/31/2011.
Here are some helpful links:
Our Full Article on Enterprise Zones
Enterprise Zone Electronic Pre-Certification website
2012 Standard Mileage Rates
– for transportation or travel expenses: 55.5 cents per mile for all miles of business use (business standard mileage rate).
– for use of an automobile in rendering gratuitous services to a charitable organization: 14 cents per mile.
– for use of an automobile (1) for medical care, or (2) as part of a move for which the expenses are
deductible: 23 cents per mile
For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 21 cents per mile for 2008 and 2009, 23 cents per mile for 2010, 22 cents per mile for 2011, and 23 cents per mile for 2012.
Please feel free to contact us for further information or if you have any questions at (719) 630-1186 or by using our Secure Email: