In 1995, 114,000 IRS employees processed 205 million tax returns. This year, 91,000 employees will process 236 million returns.
May, 2012
Tax Facts: Refunds
The average tax refund on returns filed for 2011 was $2,983.
Tax Tip Tuesday! Save Taxes By Putting Family In The Family Business
As the summertime school vacation season approaches, young family members may be looking for a job — and having a hard time finding one. Hire them in your family business, and you get a double benefit: helping the kids gain valuable experience and garnering tax breaks for your company. (more…)
Things To Secure Before Taking A Vacation
Taking a much-needed break? Ensure that you will enjoy the peace and quiet by tying up loose ends before ditching your desk. (more…)
Pay Medical Expenses With Tax-Free Dollars
“FSA” stands for Flexible Spending Account. Many companies offer FSAs as part of their benefit package. And if you’re eligible but not using one, you could be missing out on a way to reduce your health care costs. (more…)
Tax Tip Tuesday! Get The Most Benefit From Retirement Plans
What do you want to be when you retire?
You and your friends may have asked each other a similar question in high school. No matter what your age is now, looking ahead to the future is important — and the retirement plans you participate in have a big impact on that future. (more…)
What’s New: Tax Freedom On April 17
According to the Tax Foundation, April 17, 2012, was not only the day 2011 tax returns were due, it also was Tax Freedom Day for 2012. That means Americans worked 107 days, from January 1 to April 17 to earn enough money to pay their federal, state, and local taxes for 2012. (more…)
Warning Signs That Your Customer Is Headed Out The Door
It is not likely that you will receive any notification before a customer decides to terminate your relationship- they will simply stop coming back. (more…)
New Business: IRS Issues 2012 Depreciation Limits For Business Vehicles
The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. (more…)
Tax Tip Tuesday! Debt Or Equity? What’s The Tax Difference?
Here’s a capital idea: Make sure your C corporation is properly capitalized. In addition to legal issues, the amount you have invested in your company can play a role in determining how future loans are treated for tax purposes. (more…)
