Archive for the ‘Tax’ Category

Safeguarding Tax Information

Thursday, June 14th, 2012

Hurricane season is around the corner! Are you prepared?

The Internal Revenue Service (IRS) is encouraging individuals to safeguard important tax documents to protect themselves from future hurricanes or other disasters.

There are a few simple things you can do. Make sure you:

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Research Tax Credits

Thursday, June 7th, 2012

Federal and  State research  tax credits  are  designed to encourage businesses to increase their Research and Development (“R&D”) activities each year to create new technologies and other innovations. These credits are not only for larger companies, but can also be used for smaller companies that engage in research to improve internal activities. Internal software development activities can qualify as research expenses if the software is innovative, if it has substantial resources devoted to the development, and if it is for internal use.

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Retirement Changes in 2012

Thursday, May 31st, 2012

Below are some retirement changes coming your way in 2012!

Bigger Social Security Checks- Social security checks will increase 3.6% in 2012.

Higher Social Security taxes- The Maximum amount of earnings subject to Social Security tax will increase to $110,100 in 2012, up from $106,800 in 2011. The temporary reduction in workers’ Social Security taxes has been extended through 2012 and will remain at 4.2% instead of 6.2%.

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Payroll Tax Cut Extension

Friday, May 4th, 2012

Under the  Middle  Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of 2012, based on a lower social security tax withholding rate of 4.2 percent, which is two percentage points less than the 6.2 percent rate in effect prior to 2011.

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IRS Smartphone App

Tuesday, April 24th, 2012

The   Internal   Revenue   Service  (IRS) announced the availability of an expanded version of IRS2Go 2.0, available on both Apple and Android platforms. It is an expanded version of the smartphone application designed to provide taxpayers easier access to practical tools and information.

This new smartphone application offers taxpayers a number of tools. Taxpayers can:

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New Tax Provisions for 2012

Tuesday, January 31st, 2012

Several new tax provisions took effect January 1, 2012.

Inflation adjustments

The applicable amounts for many tax items increased on January 1 due to annual inflation. The personal exemption amount has increased to $3,800. Various credits and other items were also adjusted. Contribution limits and other amounts for pension plans and retirement accounts were also changed for 2012, and the Social Security wage base for 2012 is now $110,100.

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IRS Extends Payroll Tax Cut

Thursday, January 12th, 2012

The   Temporary    Payroll    Tax   Cut Continuation Act of 2011 will temporarily extend the two percentage point payroll tax cut for employees, continuing to reduce Social Security tax withholding from 6.2 percent to 4.2 percent of wages paid through February 29, 2012.

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2011 Saver’s Credit

Thursday, January 5th, 2012

According    to    the    Internal   Revenue Service (IRS), low and moderate-income workers can earn a special tax credit, the Retirement Savings Contribution Credit, by taking steps to save money. The saver’s credit helps offset part of the first $2,000 that workers voluntarily contribute to an IRA or 401(k) plan.

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Veterans Work Opportunity Credit

Tuesday, January 3rd, 2012

The  Work  Opportunity  Credit  has been expanded to provide employers with new incentives to hire unemployed veterans.  Employers will be eligible for a credit of up to $9,600 for each qualified veteran that they hire after the law’s enactment date (November 21, 2011) and before January 1, 2013.

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Mileage Rates for 2012

Monday, December 12th, 2011

The Internal Revenue Service (IRS) has announced the mileage rates for business, medical, moving and charitable purposes for 2012.

 

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