IRS Announces Filing Extension on 2012 Returns
On March 20th, the Internal Revenue Service (IRS) announced that it will provide late payment penalty relief to individuals and businesses requesting a filing extension. Due to the late passage of the American Taxpayer Relief Act, many forms were delayed and couldn’t be filed until February or March. Therefore, the relief applies to the late-payment…
Do you need to file a 2012 gift tax return by April 15?
Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: That exceeded the $13,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $26,000 annual exclusions, or Of future interests…
Recharge Your Willpower to Stay Motivated at Work
When faced with a boring or difficult task, it’s very easy to let your mind wander and lose all focus to finish the task at hand. One way to keep the energy and perseverance high is to recharge your willpower. Below are five tips to help get you started: Remember your goals: Isolating the tasks…
Yes, there’s still time to make a 2012 IRA contribution!
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years. So if you haven’t already maxed out your…
How to Prepare for the New Retirement
A new study reveals that 60% of workers over the age of 60 plan to continue working after retirement. While some hope to stay at their current job, others plan to look for completely new work. Regardless of what you plan to do, it’s important to keep the lines of communication open with your employer….
You don’t have to be a manufacturer to take the “manufacturers’ deduction”
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional…
4 Ways to Create a Competitive Advantage
When running a business you’re always going to be faced with unfair advantages. But as a leader, it’s your job to spin those challenges around into a competitive advantage. Doing so can help put you ahead of the competition and position your brand as the top choice. Here are four ways to develop a competitive…
Lower FSA contribution limit may make HSAs more attractive
Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But starting this year, the maximum limit is $2,500. If you’re concerned about a lower limit and aren’t contributing to a Health Savings Account (HSA), look into whether you’re eligible — you must be covered by…