Major Tax Deadlines for December 2012
*December 17 - Due date for calendar-year corporations to pay the last installment of 2012 estimated income tax.<
IRS gives tax relief to hurricane victims
Victims of Hurricane Sandy may be entitled to some tax relief, according to an announcement by the IRS.
Add taxes to your 2012 year-end to-do list
There’s not much time left for making moves that could affect your taxes for 2012.
Job and pay update
*Learning a skill helps to get a job.
Does your business need a bank line of credit?
Just exactly what is a bank line of credit and who should be using one?
A bank line of credit is not a great deal different from a credit card.
IRS issues charity fraud alert
The IRS is warning people to be aware of fraud connected with Hurricane Sandy.
Ask these questions before you retire
If you're within a stone's throw of retirement -- for most folks, that's somewhere between the ages of 55 and 65 -- you've probably spent at least a little time dreaming about life after work.
Major Tax Deadlines for November 2012
During November: It's wise to estimate your 2012 income tax liability and review your options for minimizing your 2012 taxes.
Basis reporting requirement delayed
A law passed in 2008 requires brokers to report an investor's basis in stocks and mutual fund shares when these investments are sold.
Consider "bunching" deductions to cut your taxes
Getting the most benefit from tax deductions requires multi-year planning as well as consideration of the alternative minimum tax (AMT).<
Check year-end tax moves
As a business owner, you know the price of inaction is missed opportunity.
Financial statements provide important business information
To accountants, the relationship of financial statements (balance sheet and income statement) is very specific.
RMD deadline approaching
Reminder: Required minimum distributions (RMDs) must be taken by December 31.<
What are the pros and cons of dollar cost averaging?
Experienced investors don't need to be convinced about the inherent volatility of the stock market.
Major Tax Deadlines for October 2012
* October 1 - Generally, the deadline for self-employeds and small businesses to establish a SIMPLE retirement plan for 2012.
Who pays "enough" in taxes?
A recent poll by the Pew Research Center revealed that 58% of those surveyed felt the rich don't pay enough in taxes.
Know the tax difference between alimony and child support
Divorce is a sad experience for all concerned.
Employers try to manage rising health costs
A survey of 440 midsize and large businesses conducted by Towers Watson says the cost of health care will likely increase 5.9
Develop an early-warning system for problem accounts
If you extend credit to your customers, some losses are inevitable.
Take credit to help pay college costs
From 2008 to 2010, the average tuition at four-year public universities rose 15%, and in 2011 total student loans topped $1 trillion.
Insuring your teen driver: How to control the cost
Your child is approaching 16 years old and for the past several years, he or she has reminded you (daily, it seems) of this inevitability.
Major Tax Deadlines for September 2012
* September 17 - Due date for individuals to pay third quarter installment of 2012 estimated tax.
Deadline approaching for tax-exempt organizations
Here's an important reminder for small nonprofit organizations: If your organization had its tax-exempt status revoked for failing to file an annual return from 2007 through 2009, the IRS is giving you a chance to get reinstated.<
Capital gains and losses: New year-end strategy
The end of the year is the traditional time for securities investors to "harvest" capital losses for federal income tax purposes.
IRS eases reporting requirement on health coverage
The “Affordable Care Act of 2010” requires employers to report the cost of coverage under an employer-sponsored group health plan on the employee's 2012 W-2.<
Tips on getting a bank loan for your business
Getting a bank loan for your business may be more difficult than usual in today's economy.
Changes coming for flexible spending accounts
Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs.<
Have you protected your family?
Would your family be financially secure if tragedy struck? Before you answer, consider the following areas.<
Major Tax Deadlines for August 2012
Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.<
It's time for a midyear tax tune-up
We've now reached the mid-point of the year and it's a great time for a tax tune-up.
Tax-saving provisions are set to expire soon
December 31, 2012, will be a very important date in the lives of taxpayers, because that is the date that many tax-saving provisions are set to expire.
Jobs Report: Skilled workers needed
Both political parties are doing a lot of talking about jobs -- talk about creating more jobs, bringing outsourced jobs back to the U.S
Play to your strengths to revitalize your business
The conventional response to today's lackluster economy is to focus on cutting business costs.
Know the facts about IPOs
Do you know anybody who's tripled his money investing in the IPO (initial public offering) of a hotshot new company? It can happen.
How to coordinate planning for college financial aid
Scholarships, grants, student loans.
Major Tax Deadlines for July 2012
* July 31 - Due date for filing retirement or employee benefit plan returns (5500 series) for plans on a calendar year.<
Supreme Court upholds health care law
On June 28, the Supreme Court ruled that the "Patient Protection and Affordable Care Act of 2010" was constitutional, including the provision in the law requiring individuals to have health insurance coverage starting in 2014.<
Cancelled debt may be considered taxable income by the IRS
With the recent economic downturns experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt.
Midyear tax planning is critical this year
With big tax changes scheduled to take effect in 2013, every business should make time for a midyear 2012 tax review.
Starting a business? Don't make these mistakes
According to the Small Business Administration, a third of small businesses fail within the first two years.
Health Savings Account limits for 2013 announced
Health Savings Accounts (HSAs) allow taxpayers with high-deductible health insurance to set aside tax-deductible dollars that can be used tax-free to pay unreimbursed medical expenses.<
What are your options for taking social security benefits?
When should you start taking social security? If you're approaching retirement and are eligible for social security, you have three broad options for drawing your benefits: start early, wait until your "full" retirement age, or hold out a few years longer to qualify for the monthly maximum.<
Major Tax Deadlines for June 2012
* June 15 - Second quarter 2012 individual estimated tax is due.<
Consider better ways to use your tax refund
Tax refunds for 2011 returns are averaging nearly $3,000.
Vacation Homes: What are the tax rules?
If you own a home that is available for both personal and rental use, you have what is commonly known as a vacation home.
Take another look at your business form
Should your business be a proprietorship, corporation, partnership, or some other entity? Each form has advantages and disadvantages.
Watch for hazards when buying a franchise
With a franchise, you don't have to start a company from scratch.
Report foreign investments by June 30
If you have foreign bank, savings, or investment accounts, you are required to file "Treasury Department Form 90-22.1
Be cautious with e-mails if you don't want your identity stolen
The e-mail from your bank gets your attention right away.
Take a Break: Some Marriage Numbers
June is the traditional month for weddings.
Major Tax Deadlines for May 2012
* May 15 - Deadline for calendar-year exempt organizations to file 2011 information returns.<
Tax freedom on April 17
According to the Tax Foundation, April 17, 2012, was not only the day 2011 tax returns were due, it also was Tax Freedom Day for 2012.
Nine tips for better tax recordkeeping
Did pulling your records together to complete your 2011 tax return reveal shortcomings in your system? Here are nine tips that can improve your recordkeeping and help minimize your taxes.<
IRS issues 2012 depreciation limits for business vehicles
Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles.<
Take steps to build a better business
Business owners focus a lot of attention on building better products.
Prom has become a financial event
The spring teenage celebration known as "prom" is becoming a major financial event.
Pay medical expenses with tax-free dollars
"FSA" stands for Flexible Spending Account.
Major Tax Deadlines for April 2012
* April 2 - Deadline for payers who file electronically to file 2011 information returns (such as 1099s) with the IRS.
IRS expands "Fresh Start" program for those who owe taxes
Taxpayers who are struggling to pay their taxes may get some relief from the IRS's expansion of its "Fresh Start" initiative, a program started back in 2008.
What if you can't file your 2011 tax return on time?
If you need more time to file your 2011 income tax return, you can get an extension -- and no explanation is necessary.<
Employment numbers from the Bureau of Labor Statistics
Some recent employment trends from the Bureau of Labor Statistics:
* In August 2011, 14.5
Going into business with your spouse: How to make it work
Starting and running a business is rarely a safe or simple process, and doing so with one's spouse creates an additional layer of complexity.
Student loan debt to reach $1 trillion this year
Last year, the total amount of student loans taken out exceeded $100 billion.
Don't fall victim to bogus prize promotions
As a consumer, it's a sure bet you've been the target of phone solicitations, mass mailings, and promotions inviting you to participate in big money sweepstakes.
Take a Break: Some leap year facts...
* 2012, as you know, is a leap year.
Major Tax Deadlines for March 2012
March 1 - Farmers and fishermen who did not make 2011 estimated tax payments must file 2011 tax returns and pay taxes in full.<
Payroll tax cut extended through 2012
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February.
Face the alternative minimum tax (AMT) head-on
The alternative minimum tax (AMT) -- often called a "stealth tax" -- snares unsuspecting or uninformed taxpayers each year.
More small business audits
The IRS plans to conduct random audits of 2,500 returns from 2010 filed by corporations with less than $250,000 in assets.
Watch out for scams when selling your business
You've spent years developing your business, building its value, enhancing its reputation.
Take a Break
Speaking of government bureaucracy..
IRS reopens offshore voluntary disclosure program
To encourage taxpayers with offshore accounts to get current with their tax obligations, the IRS has reopened its "offshore voluntary disclosure program (OVDP).&
Diversify investments by putting a focus on taxes
Savvy investors often spread their risks by investing in a variety of asset classes such as stocks, bonds, commodities, and real estate.
Major Tax Deadlines for February 2012
* February 15 - Deadline for brokers to provide 2011 Forms 1099-B and 1099-S to customers.
Update on the payroll tax cut extension
Last December, the 4.2
IRS adjusts 2012 tax numbers
Each year the IRS adjusts certain tax numbers for inflation and tax law changes.
Many small businesses fail to take this tax credit
Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees.
Are you prepared for these common business problems?
When the economy is uncertain, you must be extra careful to avoid the types of disasters that could ultimately lead to your company's demise.
New filing requirements for foreign investments
If you own foreign investments, you may have an additional federal tax filing requirement this year.<
Saving for retirement is a serious issue for women
Studies show that women often lag behind men when it comes to saving for retirement.
Major Tax Deadlines for January 2012
January 17 - Final 2011 individual estimated tax payment is due, unless 2011 tax return is filed and taxes are paid in full by January 31, 2012.<
Last-minute 2011 deal reached on payroll tax cut
On December 23, 2011, Congress finally approved a two-month extension of the payroll tax cut for American workers.
Don't overlook deductions for charitable work
Many taxpayers give much more than just cash to their favorite charity.
Health care reform provisions go into effect
Several provisions in the 2010 health care reform legislation go into effect this year.
IRS announces business mileage rate for 2012
The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5
Make your company a good place to work
Studies have consistently shown that employee compensation, although important, is not the primary factor that makes workers stay at a company.
Social security benefits increase for 2012
For the first time since 2009, those receiving social security benefits will get an inflationary increase in their monthly benefit.
Resolution 2012: Put your tax and financial house in order
The only effective way to control and conquer your tax and financial issues is to review them throughout the year.