Get started on the right path in planning your best strategies for minimizing taxes in 2012. Below is access to a guide that will help you find ways to benefit your retirement, family and heirs by being pro-active in your planning. We are always here to help answer questions and keep you informed of any [...]
QuickBooks 2012 is generating an unrecoverable error with some accountant copy transfers. If you receive the error message "Unrecoverable Error 0000095431" or "0000068408", the approved fix is to continue to click send when prompted to send an error report. The message will appear multiple times but the accountant changes are eventually imported. QuickBooks is aware [...]
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The Department of Industrial Relations has posted the SUI rates for 2012. This year the lowest rate is down a full point from 2011! The lowest rate available is now 1.19% with a .06% security assessment. You can pull the rate document from the DIR egov site. To do so, log in to your account [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]
Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
Congress agreed on, and the President signed, a temporary extension of the payroll tax cut from 2011. This extension expires on February 29, 2012, unless extended again. This is still only for the employee portion of Social Security and it continues to be 4.2% of wages. The law also includes a recapture provision that will [...]
As we approach the last days of the year, remember to make tax deposits for any taxable fringe benefits you provide to your employees. I have attached a chart from IRS Publication 15b listing the treatment of certain benefits. Items like personal use of an auto are taxable and should be included in wages. Special [...]
The IRS has announced the 2012 optional standard mileage rates. Beginning on January 1, 2012 the standard mileage rates will be: 55.5 cents per mile for business miles driven (no change) 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations