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 eleven targeted groups. Recent legislation extended the credit through December 31, 2013. 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

Personal Assets to a Business

If you have contributed personal assets, such as a computer or vehicle to your business, the lower of the fair market value or your cost basis of these assets qualifies as a business deduction, subject to depreciation limitations, beginning with the date of conversion.
Thursday, 24th April 2014
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Tax Tips Personal

Did You Move This Year?

Your moving expenses may be deductible

If you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not.

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Personal Quick Tip

Sales Tax Deduction

The optional sales tax deduction has been extended for the 2013 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.