Recent News
Saving for Retirement is a Serious Issue for Women
Filed Under: Taxes, Your Finances on January 31, 2012
Studies show that women often lag behind men when it comes to saving for retirement. That’s especially troubling when you consider that, on average, women outlive men by three to seven years. One study, for example, found that a female retiring at age 65 can expect to live three years longer than a man retiring at the same age.
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What’s New in Finances: New Filing Requirements for Foreign Investments
Filed Under: Taxes on January 31, 2012
What are the reporting requirements? They vary depending on where you live and your filing status. For example, say you’re married and live in the United States, and you’ll file a joint tax return for 2011. You’ll include Form 8938 with your tax return when the total value of your reportable assets on the last day of 2011 is more than $100,000, or if the value exceeds $150,000 at any time during the year.
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Are you Prepared for These Common Business Problems?
Filed Under: Business on January 31, 2012
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. Fortunately, some advance planning may prevent or alleviate severe problems. Here are seven common scenarios facing owners and managers of small to mid-sized businesses.
* A natural disaster damages the premises. Of course, you can’t control the weather or other unforeseen circumstances. But damage to a business building caused by a natural disaster could temporarily shut down the operation. It can even ultimately put you out of business. Make sure that you have adequate insurance and that valuable business data is stored at a secure site.
* A key employee joins a competitor. There is always the risk that one of your top employees will switch jobs. However, this can be especially troublesome if the employee goes to work for your main competitor. Avoid this possibility by having key employees sign noncompete agreements. Typically, such an agreement will prohibit an employee from working for a competitor for a certain period.
* An employee embezzles company funds. All too often, business owners are swindled by seemingly trustworthy employees. Don’t think you are immune. To safeguard your assets, pay close attention to monetary transactions. Divide responsibilities so that one person doesn’t have complete control over the books. Set up a system of “checks and balances.”
* You lose your biggest customer. One of your main customers might choose to do business elsewhere or will no longer need your products or services. Don’t put yourself in a position of depending on just one or two accounts. Take steps now to diversify the business to protect against a severe downturn in cash flow.
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New Business: Many Small Businesses Fail to Take this Tax Credit
Filed Under: Business, Taxes on January 31, 2012
Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees. Recent surveys have shown that the majority of small companies that could qualify for the credit have failed to take it. The reasons given for ignoring the credit ranged from being unaware of it to finding the credit too complicated to compute.
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What’s New in Taxes: Update on the Payroll Tax Cut Extension
Filed Under: Business, Taxes on January 31, 2012
Last December, the 4.2% social security tax rate that workers pay on wages was extended through February 29, 2012.
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New Form 1099 Information Required
Filed Under: Taxes on
Beginning with all 2011 income tax returns, the IRS is asking taxpayers to answer two new questions regarding the filing of Form 1099. The first question asks whether the taxpayer made any payments during the year that would require them to file Form 1099. If the answer is yes, the second question then asks if the taxpayer filed all of the required Forms 1099.
IRS releases 2012 tax numbers
Filed Under: Taxes on January 09, 2012
Each year the IRS adjusts certain tax numbers for
inflation and tax law changes. Here are some of the
adjusted numbers you’ll need for your 2012 tax planning.
Payroll tax cut extended for two months
Filed Under: Taxes on January 09, 2012
After weeks of partisan bickering, Congress finally
approved a two-month extension of the payroll tax cut
for American workers. President Obama signed the
”Temporary Payroll Tax Cut Continuation Act” on
December 23, 2011. Though both Democrats and Republicans
wanted a one-year extension of the tax cut, they could
not agree on how to pay for a year-long extension and
settled on a paid-for two-month extension.