Moneylines: News Briefs for Businesses

IRS raises mileage rates for the business use of a vehicle

The rate for vehicles, vans, pickups and panel trucks has risen to 51 cents per mile for 2011 (up from 50 cents for 2010). The rate for medical/moving costs also has risen, going from 16.5 cents to 19 cents. The rate for charitable vehicle use remains constant at 14 cents. Bear in mind that you can’t use the standard mileage rate for a vehicle you’ve depreciated under the Modified Accelerated Cost Recovery System (MACRS) or for which you’ve claimed the Section 179 expensing election.

Top 2011 industries hold lessons for business owners

On its website, Inc. Magazine has predicted the six top-performing industries of 2011. Among the winners are e-commerce and environmental consulting. Even if your company isn’t involved in these sectors, there are lessons to be learned. Maintaining an effective online presence will still be important and, if you haven’t started selling directly via your website, you probably should. Also, stricter environmental regulations pose a risk to businesses that don’t keep up with these rules. For a complete list, go to Inc.com and search for “top performing.”

Are you ready to grow your workforce again?

A survey conducted by the National Federation of Independent Business at the end of 2010 reported that the number of businesses planning to hire more employees rose to its highest mark in more than two years. Obviously, hiring just to hire isn’t a wise choice. And many small business owners are still struggling with taxes, regulatory red tape and lender financing. But this indication of potential increased hiring is at least one good sign for small business growth and may indicate that workforce expansion is something to consider again.

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