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27Feb2013

What to Do If You Are Missing a W-2

Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31st to provide or send you a 2012 W-2 earnings statement, either electronically or in paper form. If
  • 27 Feb, 2013
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25Feb2013

Revising Your W-4? Seek Professional Advice

This time of the year, many employers will request from their employees updated W-4 forms (and the equivalent state form for those who live in a state with income tax). The W-4 form allows you to specify your filing status and the number of dependent exemptions to be used for figuring the amount of income
  • 25 Feb, 2013
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20Feb2013

Prepared for the New Surtax?

As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, don’t get the idea you deduct it as a charitable contribution. It is, in actuality, a surtax levied on
  • 20 Feb, 2013
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18Feb2013

Don’t Forget to Report Those Foreign Financial Assets!

Don’t overlook the requirement for any individual who holds any interest in a “specified foreign financial asset” during the tax year to complete and attach Form 8938 to his or her income tax return if a certain reporting threshold is met. The reporting threshold varies, depending on whether or not the individual lives in the
  • 18 Feb, 2013
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13Feb2013

Direct Deposit Puts Your Money in Your Pocket…Faster

Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Security—Eliminates any possibility of a check being lost in the mail. Thousands of checks are
  • 13 Feb, 2013
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11Feb2013

American Taxpayer Relief Act of 2012

President Obama on January 2 signed the American Taxpayer Relief Act of 2012. The new law makes permanent Bush-era tax rates for individuals and couples with annual income of $400,000 and $450,000, respectively. The law also permanently indexes the alternative minimum tax for inflation, extends unemployment insurance benefits for one year and extends numerous business
  • 11 Feb, 2013
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08Feb2013

February 2013 Due Dates

February 2013 Individual Due Dates February 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 11. Your employer is required to withhold FICA
  • 8 Feb, 2013
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