Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080



Paul Sullivan, CPA

Sullivan & Company


Call our Testimonial Hotline & give us your feedback at:


800-609-9006 extension 6779


January 2010 Articles

Click here to review

Feature Articles

Cash Flow: The Life Blood of Business

How to Get Paid On Time

Changes in Tax Brackets and Benefits for 2010


Tax Tips

IRS Announces 2010 Standard Mileage Rates

2010 Rules for Roth IRAs

Filing Requirements for Dependents

Receive Your Refund Faster with Direct Deposit


QuickBooks Tips

QuickBooks 2010 Review


Financial Planning Tips

Create a Financial Plan and Monitoring System

Setup an Effective Filing System

Prepare for Taxes


Changes in Tax Brackets and Benefits for 2010


For 2010, personal exemptions and standard deductions will change only slightly to reflect inflation adjustments. Many levels will remain consistent with 2009.


By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result of little inflation, there will be no significant changes for 2010. The following is a brief review of some of the key levels effecting 2010 returns, filed by most taxpayers in early 2011, include the following:

  • The value of each personal and dependency exemption, available to most taxpayers, will remain at the same level of $3,650, no change from 2009.

  • The new standard deduction is $11,400 for married couples filing a joint return in 2010 (no change from 2009), and $5,700 for singles and married individuals filing separately (again, no change from 2009.  The Head of Household standard deduction increased slightly to $8,400 for heads of household (up from $8,350 in 2009). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes

For the other 3, click here or go to our Newsletter section on our web site at or call me, Paul Sullivan, at 240-316-3531.



IRS Announces 2010 Standard Mileage Rates


Beginning on January 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 50 cents per mile for business miles driven

  • 16.5 cents per mile driven for medical or moving purposes

  • 14 cents per mile driven in service of charitable organizations

The new rates for business, medical and moving purposes are slightly lower than last year's. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.


The business mileage rate was 55 cents in 2009. The medical and moving rate was 24 cents.



Would You Give Us a REVIEW on The Internet?


More and more people turn to the Internet to find supplies, vendors and even accountants to use and hire.  You probably use Google or another search engine to do the same in your business.


One way to HELP yourself to be 'found' is to have your clients, customers or patients give you a REVIEW on one of the popular review sites online.


More reviews encourages search engines to push your local listing to the top of the page where people will more likely click on it. 


We're doing the same here at Sullivan & Company and would like to ask you to give us a review on our Insider Pages listing.  Just click on this link and give us a review.

And if you haven't yet, please give us a testimonial or feedback on our performance.  It only takes 60 seconds.  Just dial 800-609-9006 extension 9006 and follow the instructions.



Call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 


Regards, Paul Sullivan, CPA