Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the employer beforeJanuary 1, 2013. For all other classifications, the credit ended at the close of 2011. Under the new law, … [Read more...] about New Credits for Hiring Veterans
Bloomingdale CPA
January 2012 Business Due Dates
January 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2011. This is also the due date for the nonpayroll withholding deposit for December 2011 if the monthly deposit rule applies. Generally, this due date is … [Read more...] about January 2012 Business Due Dates
Medical Checklist
After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser eye surgery, or other elective but deductible medical procedures, you might consider doing so sooner than later to take advantage of the current lower … [Read more...] about Medical Checklist