Financial News Line Items

Due to rising gas prices, the IRS has increased the standard mileage rate for business use of an automobile to 55.5¢ per mile, effective July 1, 2011. The ­previous rate of 51¢ per mile continues to apply to 2011 business auto expenses incurred before July 1.

Online donations to 140 large charities reached approximately $1.2 billion in 2010, an increase of more than one third over the prior year, according to a survey by The Chronicle of Philanthropy. The average online gift in 2010 was $136.

When asked about their hiring plans for the next year, 64% of 1,409 small business owners and executives surveyed in late June said they anticipated keeping the same number of employees, and 19% expected to add new employees. The survey was conducted for the U.S. Chamber of Commerce by Harris ­Interactive.

Among small group health plans, premiums averaged $426 a month for single coverage and $1,117 a month for family coverage in 2010, according to data from America's Health Insurance Plans (AHIP), a national trade group.

_{The general information in this publication is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purpose of avoiding tax penalties.}