Monthly Archives: April 2012

HSA limits increase for 2012

The amount you can set aside in a health savings account (HSA) in 2012 increased to $3,100 for an individual and to $6,250 for a family. If you’re 55 or older, you’re allowed an additional $1,000 contribution. HSAs permit taxpayers … Continue reading

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Tips for managing part-time employees

Part-time employees can play a valuable role in a small business, especially while a business is waiting for general economic recovery. Part-timers can help you deal with variations in workload without having to hire a full-time employee. And often, when … Continue reading

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2011 refunds are delayed

Taxpayers are waiting longer for their tax refunds this year largely due to IRS efforts to catch fraudulent filings. According to a recent IRS report, the Service has identified more than 2.1 million fraudulent tax returns, many of which involve … Continue reading

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Need more time to file?

If you can’t file your 2011 tax return by the April 17 deadline, you can file for an extension by that date and get until October 15, 2012, to file. You can request the extension on paper, by phone, or … Continue reading

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April 17 — a big day for taxes

Tuesday, April 17, is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. * Filing 2011 income tax returns for individuals. If you cannot file your return by this deadline, be sure to … Continue reading

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Electing S corporation status

If you own a small business, you can request S corporation status for this year by filing a late election. In order to become an S corporation, you’ll need the unanimous approval of all shareholders. The principal advantage of an S corporation … Continue reading

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