The Mount Prospect Fire Department offers ways to keep local businesses and their employees safe in our community. Assistance with emergency planning and preparedness kit for your Mount Prospect business is available at no cost. Please contact the Fire Prevention Bureau at 847-818-5252 for more details on programs
News from the Reference Desk
WASHINGTON: 12/3/10 — The Internal Revenue Service issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 51 cents per mile for business miles driven
- 19 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2010-51 contains additional details regarding the standard mileage rates.
The state's Treasurer's office has a new program called Employ Illinois, a plan to spark growth in businesses interested in expanding and creating new jobs by receiving qualified reduced interest rate loans . Please visit http://www.treasurer.il.gov/programs/employ-illinois/business-owners.aspx for more details and steps to take to apply for low interest loans. You may also email firstname.lastname@example.org or call (312) 814-8953 or (217) 782-2072 to ask about terms and the application process.
Small business and tax-exempt organizations which meet certain criteria may now qualify for a special tax credit when they provide health insurance coverage to their employees.
Details on this part of the Patient Protection and Affordable Care Act are available at the IRS site.
This is National Small Business Week, which honors the 27.2 million U.S. small businesses as contributors to the economy and hiring forces for jobs. Events are hosting in Washington D.C, however you can participate through the NSBW webcast to view keynote speeches, programs and discussions.
The Mount Prospect Public Library and the Chamber of Commerce recently wrapped up the last session in the Jump Start Your Business program, a co-sponsored series designed to help local businesses be successful. Topics included Demographics, Negotiating Leases, Building Relationships, Promotion and Publicity, Exceptional Customer Serivce, and Trends in E-mail Marketing. The Chamber has posted the podcasts and presentation materials for many of these sessions. We are looking forward to our fall series, which will include: The Stimulus Plan/COBRA, Alternative Financing, and Internet Marketing.