Monthly Archives: February 2012

Depreciation rules change for 2012

If you’re planning to buy equipment or other business assets this year, you need to be aware of the changes in how much of the cost you can deduct in 2012. Here are the new limits. * Bonus depreciation. The … Continue reading

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Use adjusted tax numbers for 2012 planning

The IRS is required by law to adjust certain tax numbers each year. Here are some of the adjusted numbers you’ll need for your 2012 tax planning. STANDARD MILEAGE RATE for business driving remains at 55.5¢ a mile. Rate for … Continue reading

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Are you ignoring this new tax credit?

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 … Continue reading

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If you have foreign investments, you may have a new filing obligation

If you own foreign investments, you may have an additional federal tax filing requirement this year. Form 8938, “Statement of Specified Foreign Financial Assets,” is due April 17, 2012, and is filed as part of your individual tax return. You’ll … Continue reading

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Meetings underway on payroll tax cut extension

Last December, the 4.2% social security tax rate that workers pay on wages was extended through February 29, 2012. Now a Congressional conference is being held to find a way to extend the lower tax rate through the end of … Continue reading

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IRS plans random 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. The results will be used to update the IRS formulas for selecting returns for audit. The IRS is also … Continue reading

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