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Tax Tips Small Business

Tax Credit Available for Hiring Certain Employees
Work Opportunity Tax Credit saves employers tax dollars

The Work Opportunity Tax Credit (WOTC) is available to employers who hire individuals from one of nine targeted groups. Recent legislation extended the credit through August 31, 2011. To take the credit, the employee(s) you hire must be from one of the following targeted groups:
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Small Business Quick Tip

If your business owns a vehicle that is available for an employee's personal and business use, the vehicle is nevertheless considered used 100 percent for business on the business tax return. The personal-use percentage is included on the employee's W-2 as an additional compensation.
Tuesday, 06 January 2009

 

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What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Overlooked Employee Business Expenses
Don't miss out on deductions you are allowed to take

Unreimbursed employee business expenses are allowed as a miscellaneous itemized deduction provided they exceed two percent of your adjusted gross income when combined with all your other miscellaneous expenses.
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Personal Quick Tip

 

Beginning January 1, 2008, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
  • 50.5 cents per mile for business miles driven (58.5 cents per mile for miles driven after July 1, 2008);
  • 19 cents per mile for all miles driven for medical or moving purposes (27 cents per mile for miles driven after July 1, 2008); and
  • 14 cents per mile for all miles drive for charitable purposes.