Service charge reporting deadline postponed
Tuesday, December 18th, 2012
The Internal Revenue Service has given businesses an extra year to comply with new rules on how to treat service charges, until January 1, 2014. The new rules had been scheduled to take effect January 1, 2013, but the deadline was extended in response to public comments to allow companies time to make their accounting […]
Read More »Summer day camp may net tax credit
Friday, July 6th, 2012
Considering sending your children to camp this summer? You may be able to offset the cost with a tax credit. Here are some tips, courtesy of the IRS: During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to […]
Read More »Act now to get tax credit for hiring a veteran
Tuesday, June 12th, 2012
Did you recently hire an unemployed veteran? Make sure you secure your tax credit now. The IRS provides this information: Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, […]
Read More »Hire a veteran, get a tax break
Friday, February 10th, 2012
The IRS has provided new information (and paperwork!) about the newly-expanded tax credit for hiring veterans. The VOW to Hire Heroes Act of 2011, enacted Nov. 21, 2011, provides an expanded Work Opportunity Tax Credit (WOTC) to businesses that hire eligible unemployed veterans and for the first time also makes the credit available to certain […]
Read More »6 Year-end tax reduction tips
Wednesday, December 21st, 2011
Use these six tax reduction tips to reduce your 2011 tax bill, but act before December 31, 2011. Make charitable contributions by December 31. Keep a canceled check, a bank statement, credit card statement or a written statement from the charity, showing the name of the charity and the date and amount of the contribution […]
Read More »Chevy Volt tax credit may not be yours
Monday, June 6th, 2011
The Chevy Volt, General Motors’ electric car, may bring a $7500 tax credit to the original purchaser of the car. But is that you or the dealership? Stories are surfacing that dealers are using the common practice of dealer trades to get the cars titled, claim the tax credits for themselves, and then sell the […]
Read More »Last-minute filer? Risky!
Tuesday, March 15th, 2011
Studies have shown that people who wait until the last minute to file their tax returns make more errors and miss tax breaks. As you are gathering your records, think back through last year’s events and transactions. Make a list and ask your accountant about them. You may be surprised to find out that they […]
Read More »Making Work Pay Credit
Thursday, March 10th, 2011
The Making Work Pay Credit is an income tax credit available to most taxpayers with earned income. We’ve talked to several folks who were unfamiliar with the Making Work Pay Credit, which is available only on your 2010 individual tax return. One of them was surprised when her refund was $400 more than she calculated, […]
Read More »Tax filing delayed for some
Monday, December 27th, 2010
The tax relief law enacted on December 17 extended current tax rates and other provisions for two years. It also retroactively extended several tax breaks that had expired at the end of 2009. As a result, the IRS must reprogram their processing systems before the agency can begin receiving tax returns that claim these breaks. […]
Read More »Health care tax credit starts this year
Monday, December 6th, 2010
If your company or tax-exempt organization provides group health insurance coverage to your employees, it may be eligible for a tax credit on its 2010 return. The criteria for taxable entities: Employ fewer than 25 “full-time equivalent” employees (FTE, explained later); Pay average annual wages less than $50,000 per FTE; Maintain a “qualifying arrangement” for […]
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