Tax Tips Newsletters // Business Advice & Tax Tips
Health care law includes big tax changes
The U.S. Supreme Court will soon issue its ruling on the two health care laws passed back in 2010. States are challenging the constitutionality of the law’s requirement that individuals must obtain minimum health insurance coverage. The law could be upheld or overturned, or the court could strike down select provisions. Although the health care ...
IRS Update
Here’s a quick update on recent IRS activities that might interest you. •2011 REFUNDS ARE DELAYED. Taxpayers are waiting longer for their tax refunds this year largely due to IRS efforts to catch fraudulent filings. According to a recent IRS report, the Service has identified more than 2.1 million fraudulent tax returns, many of which ...
Have you missed this business credit?
Your small business might be ignoring a credit that could lower your tax bill. According to the IRS, many companies that might qualify for the credit have failed to take it. Check the three general tests to qualify for this credit: * Employing fewer than 25 “full time equivalent” employees. * Paying average annual wages ...
New law extends payroll tax cut through 2012
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay social security tax on their wages at a 4.2% rate for the rest of 2012, rather than at a 6.2% rate. Because Republicans ...
If you have foreign investments, you may have a new filing requirement
If you own foreign investments, you may have an additional federal tax filing requirement this year. Form 8938, “Statement of Specified Foreign Financial Assets,” is due April 17, 2012, and is filed as part of your individual tax return. You’ll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership ...
2012 Business Depreciation Update
If you plan to buy equipment or other assets for your business this year, be aware that the limits on what you can immediately deduct have changed. For one thing, 100% bonus depreciation expired at theend of 2011. Bonus depreciation for 2012 is 50% of the cost of the property. Remember, too, that bonus ...
IRS Releases 2012 Tax Numbers
Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2012 tax planning. STANDARD MILEAGE RATEfor business driving remains at 55.5¢ a mile. Rate for medical and moving mileage decreases to 23¢ a mile. Rate for charitable driving remains at ...
Payroll tax cut extended for two months
After weeks of partisan bickering, Congress finally approved a two-month extension of the payroll tax cut for American workers. President Obama signed the “Temporary Payroll Tax Cut Continuation Act” on December 23, 2011. Though both Democrats and Republicans wanted a one-year extension of the tax cut, they could not agree on how to pay for ...
Six Year-End Tips to Reduce 2011 Taxes
The IRS is reminding tax payers that there is still time for you to take steps that can lower your 2011 taxes. To claim certain benefits, we urge you to take action no later than December 31. Here are six tax-saving tips for you to consider before the calendar turns to 2012: Make ...
New law creates incentives to hire unemployed veterans
On November 21, 2011, President Obama signed the “Three Percent Withholding Repeal and Job Creation Act.” This new law repeals three percent withholding on certain payments to government contractors, and it provides tax credits to employers who hire unemployed veterans. The law creates the “Returning Heroes Tax Credit” and the “Wounded Warriors Tax Credit.” Employers ...
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