Monthly Archives: January 2012

New worker classification program announced by IRS

Companies that have had worker classification issues are being offered a settlement program by the IRS. The program, labeled the “Voluntary Worker Classification Settlement Program,” will let employers who previously misclassified employees as independent contractors make a minimal payment to … Continue reading

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Do I Need to File a Tax Return This Year?

You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers … Continue reading

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Some business meals are 100% deductible

Are you watching what you eat at work? Though that may not seem like a tax question, how you account for meals can affect your business tax return. One reason why: While you can generally deduct only half the cost … Continue reading

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Employee theft is a significant business problem

Employee theft happens more frequently than you hear or read about. It’s believed that only a small percentage of cases of employee dishonesty are reported and prosecuted. Too often, the employee is just dismissed and moves on to steal from … Continue reading

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IRS announces business mileage rate for 2012

The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5ยข a mile. The rate can be used for cars, vans, pickups, and panel trucks. Companies that don’t want to keep track of the actual … Continue reading

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Bring your corporate minutes up to date

Writing up the minutes of board of directors’ meetings is not exactly a high priority for most business owners. Yet well-documented corporate minutes can provide valuable supporting evidence if your tax positions are ever questioned. Minutes are especially important where … Continue reading

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Tax time is the right time for a financial review

Now is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions … Continue reading

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