What Business Tax Laws Changed in 2010?
What Business Tax Laws Changed in 2010?In brief: The Social Security wage maximum stayed the same in 2010, the IRS standard mileage rate for business driving decreased, and several depreciation benefits are not available for business assets purchased in 2010 (unless Congress restores them). Here are the details:Answer: Social Security Withholding Maximum For the first time in many years, the maximum amount of wages considered for Social Security withholding did not change. The maximum Social Security wages in 2010 is $106,800, the same as for 2009. The Social Security Administration says the amount was kept the same by law, because the cost of living indicators did not trigger an increase in benefits for 2010. This change does not affect Medicare, which has no maximum deduction. The withholding rate for Social Securit
