Monthly Archives: January 2014

1099 reporting due in January

Nearly every company, large or small, has to file Form 1099-MISC with the IRS and send a copy to recipients by January 31, 2014. You use Form 1099-MISC to report miscellaneous payments to nonemployees. This includes fees for services paid … Continue reading

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Employees get more than a paycheck

Surveys show that employees tend to underestimate the amount of money that their employer is spending on employee benefits. It’s up to you to get them to realize their paycheck is only part of the compensation they are receiving as … Continue reading

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Are disability insurance benefits taxable?

Have you decided to include disability insurance as part of your financial plan? If so, the next decision is how to pay the premiums. Here’s why: The choice you make now can affect the taxability of the benefits received later. … Continue reading

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Should you use a bank line of credit?

Just exactly what is a bank line of credit and who should be using one? A bank line of credit is not a great deal different from a credit card. You make draws against your line of credit from time … Continue reading

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Take a credit for saving

Depending on your income, you might qualify for a tax credit of up to $1,000 for contributing to an IRA or other retirement plan. Don’t overlook this “saver’s credit” as an opportunity to both cut your 2013 tax bill and … Continue reading

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Supporting a parent could cut your taxes

If you provided more than half a parent’s support in 2013, you may be entitled to a $3,900 dependency exemption. If other family members helped to provide support, you can use a “multiple support agreement” to decide who gets the … Continue reading

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