The standard mileage allowance for business driving inches up for 2011.
The rate increases to 51¢ per mile, up 1¢ from 2010. For medical travel
and moving, the allowance is 19¢ per mile, a 2½¢ hike. For charitable driving...14¢.
Businesses of any size can claim 100% bonus depreciation for new assets
put in service this year. Only assets with useful lives of 20 years or less will qualify, including machinery, land improvements and farm buildings. Used assets are eligible for regular expensing, even though they don’t get bonus depreciation. Up to $500,000 can be expensed. This phases out once $2 million in total assets are put in service
reprint from Kiplinger.com
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