Increase in Social Security wage base to $110,100 for 2012. The retirement plan dollar limits are increasing for cost of living as of 2012. One limit that remains the same is the maximum amount of compensation an employee may contribute to a Simple is $11,500. Nanny tax level has risen – now it is payment [...]
There Really Are Easy Ways to Save on Your Taxes
Most people already deduct assets and property that have depreciated over time. However, thanks to the stimulus, new assets up to $250,000 can be written off instead of taking deductions over the course of the asset’s depreciation. And if that is not enough for those of you who own or rent real estate and complete qualified leasehold improvements these too have a new $250,000 annual immediate deduction available.
How to Successfully Navigate Your Year-End Financial Audit or Review
The dreaded year-end audit or review is just around the corner. Here are a few things to keep in mind to help navigate the process to ensure a successful and relatively stress-free experience.
5 Small Business Tips for Preparing for Tax Season
No one really looks forward to tax season. It is important to be prepared and not let one of those nasty tax deadlines sneak up on you. Everything in life is easier when you are prepared and can determine, in advance, the likely outcome. By making a few preemptive moves before year end, you can [...]
Year-End Tax Planning Moves
President Obama has now signed into law the Tax Hike Prevention Act of 2010. The bill contains new and extended tax breaks and emergency help for the jobless. Here is a summary of some of the items included in the bill:
Regarding extended income tax rates, tax rates will remain the same for all taxpayers through 2012, with no phase out of itemized deductions or personal exemptions for high-income taxpayers. Investment tax rates will remain 15% for qualified capital gains and dividends, (0% for taxpayers in the 10% and 15% tax brackets).
