Monthly Archives: December 2012

Are Your Defining Items in QuickBooks Correctly?

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

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Are Your Social Security Benefits Taxable?

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

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IRS Provides Relief for Hurricane Sandy

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

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Tax Credit for Employers Hiring Veterans This Year

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

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3 Ways to Spend Wisely in December

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

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2012 Tax Changes for Businesses

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

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2012 Tax Changes for Individuals

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

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Planning for an Awesome 2013

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

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Five Hidden Talents of Your Accountant

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

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Seven Year-End Adjustments to Make to Your Books

Year-end is coming up for many businesses, and it’d be nice to know what your final revenue and profit numbers will be for the year. Before we can calculate these key numbers, there are year-end adjustments that may need to … Continue reading

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