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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 if the veteran begins work before the new year....

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 mile driven for medical or moving purposes, and 14...

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 tax provisions that were either modified or extended by...

Tax Due Dates for December 2012 December 12 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 17 Corporations – Deposit the fourth installment of estimated income tax for 2012. A worksheet, Form...

For 2012 the maximum adoption credit per eligible child is $12,650, down from $13,360 in 2011. The credit is no longer refundable and must be used as a credit against tax liability. In general, the credit is based on the reasonable and necessary expenses related to a legal adoption,...

With less than two months remaining in the calendar year, it’s a great time to double check your federal withholding. Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis through estimated tax payments. But each year millions of American workers have far more...

Many U.S. citizens earn money from foreign sources. But unless it is exempt under federal law, taxpayers sometimes forget that they have to report all such income on their tax return. As such, some U.S. taxpayers living abroad have failed to timely file U.S. federal income tax returns or...

The purpose of retirement plans such as the 401(k) and Individual Retirement Account (IRA) is to save money for your retirement years. As such, the IRS imposes a penalty of 10% for early withdrawals taken from qualified retirement plans before age 59 1/2. Qualified retirement plans include section 401(k)...

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year....

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of...

Tax planning is always a good idea, but with the Bush-era tax cuts set to expire and tax rates set to rise to pre-2010 levels, it’s more important than ever. With that in mind, here are some tax planning strategies you can use this year to help you cut...

Anytime Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2013 to fill out a new Form W-4. November 13 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2012. This due date applies only if you deposited...