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Monthly Archives: December 2012
Figure 1: Clearly-defined items result in precise reports. Obviously, you’re using QuickBooks because you buy and/or sell products and/or services. You want to know at least weekly — if not daily — what’s selling and what’s not, so you can … Continue reading
All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. But many people may not realize the Social Security benefits they received in 2012 may be taxable. The … Continue reading
In the aftermath of Hurricane Sandy, the Internal Revenue Service has announced several types of relief aimed at helping affected individuals and businesses. Here are two of them. QUALIFIED DISASTER TREATMENT OF PAYMENTS TO VICTIMS OF HURRICANE SANDY In light … Continue reading
Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit (WOTC), but employers planning to claim an expanded tax credit for hiring certain veterans should act soon because they are only eligible for the credit … Continue reading
While in the mode of holiday shopping, consider these 3 tax-smart purchases. Make Charitable Contributions Consider making charitable contributions before year-end both to obtain the maximum tax deduction and to fulfill any charitable programs or commitments you may have established … Continue reading
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2012. Standard Mileage Rates The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per … Continue reading
Here’s what individuals and families need to know about tax changes for 2012. From personal deductions to tax credits and educational expenses, many of the tax changes relating to individuals remain in effect through 2012 and are the result of … Continue reading
For businesses with fiscal years that coincide with the calendar year, the slate of revenues and expenses will be wiped clean on New Year’s Day. Starting with a clean slate gives us a chance to reflect on our 2012 results … Continue reading
When you think of an accountant’s duties, you might think about traditional tasks, such as tax preparation, bookkeeping, and financial statement preparation. Here are five additional tasks that accountants can help with that you might not think of. 1. Evaluating … Continue reading