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Articles for February 6, 2012
Become Familiar with New Cost Basis Rules When Reporting Stock Sales
A major change is finally kicking in this year regarding the amount of information that is supplied to the IRS about investors' activities. The rules were passed in 2008 in response to tax officials' long-standing suspicion that many taxpayers overstate their tax basis when they sell securities in order to pay less tax. Find out what new information is now received by the IRS, along with the cost basis methods investors can use that might provide varying tax results.
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Federal Unemployment Tax Has Changed: How Does it Affect You?
January is the time for employers to pay their federal unemployment tax (FUTA). You may not be aware that 2011 brought changes to the FUTA system in many states. There is good news for all employers but also bad news for many, depending on where you do business. Overall, the IRS lowered the federal unemployment tax rate a bit. In spite of the decrease, employers in many states and the Virgin Islands will pay higher FUTA on 2011 wages, and possibly into 2012 and beyond. Continue reading to find out if your state is affected, and why.
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Important Tax Figures for 2012
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for the upcoming year, including the Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.
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IRS Mileage Rates for 2012 Announced
The IRS has announced the amounts that taxpayers can deduct for business, medical, moving and charitable purposes in 2012. Gas prices have dropped significantly from earlier this summer. How does that affect the deductible standard mileage rates? This article reveals what you can deduct for next year's driving.
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Workers' Compensation: Four Mistakes Employers Can MakeEmployers need to look at Workers' Compensation as a tool to help improve the bottom line. Keeping rates low over the long term can result in significant savings. Here are four mistakes employers should avoid in order to help keep costs down.
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Doing Business in Australia: Corporate Governance Guidelines
In the past decade, the term "corporate governance" has become everyday language at many companies around the world. If your firm does business in Australia, or is planning to, you might be interested in some principles and corporate governance recommendations from the Australian Securities Exchange. Here are highlights from recent guidance issued Down Under.
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Family Business
Keep the Long-Term in Mind When Instituting Changes
Planning an expansion, merger or acquisition, or a new way to boost profits? Change can bring upheaval to a family business so you need to keep the process under control. Click “Full Article” for a checklist of essential questions to answer to help ensure your growth strategy succeeds.
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Business Tax
A Shining Example of Cost Segregation
You depreciate income-producing property through annual tax deductions to recover your company's cost. But you may be able to separate some components of large assets and get faster write-offs. Here's an example of a company that got approval from the IRS to write off part of an asset in only five years, even though the rest had to be depreciated over 15 years.
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Personal Tax
Help Your Kids Build a Fortune With a Roth IRA
Do your children or grandchildren work part-time after school and during the summer? Click "Full Article" for a smart family plan that can help industrious kids save money for the future—and save a bundle on taxes.
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