The IRS has increased the standard mileage rates for the second half of 2011.
Due to recent gasoline price increases, the rates will increase to 55.5 cents for business miles and 23.5 cents for medical or moving miles driven from July 1 through December 31, 2011.
The rates for January 1 through June 30, 2011 were 51 cents for business miles and 19 cents for medical and or moving miles.
The rate for charitable miles remains the same at 14 cents per mile.
Prepare for Disasters by Safeguarding Tax Records
Keep a set of backup records in a safe place. The backup should be stored away from the original set.
Keeping a backup set of records —— including, for example, bank statements, tax returns, insurance policies, etc. —— is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records are provided only on paper, they can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a backup storage device, like an external hard drive.
Another step to take to prepare for disaster is to photograph or videotape the contents of your home or business, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help compile a room-by-room list of belongings.
If disaster strikes, you can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues. Back copies of previously-filed tax returns and all attachments, including Forms W-2, can be requested by filing Form 4506, Request for Copy of Tax Return. Alternatively, transcripts showing most line items on these returns can be ordered on-line, by calling 1-800-908-9946 or by using Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return.