By Mario & Mary Trupiano October 02, 2006
We've had Wiebel , Hennells and Carufe prepare our taxes for years. Even though we are never quick to get our information together, they automatically take care of filing an extension for us and are very quick to get our return prepared when we bring our information in. ...read more
The Hiring Incentives to Restore Employment (HIRE) Act was signed into law on March 18, 2010. The HIRE Act provides two credits to employers as an incentive to hiring employees that have previously been unemployed. The tax credits are a great bonus for employers ready to expand and hire new employees. The first tax credit available under the HIRE Act is an employer Social Security tax deduction. For any qualified employee hired after February 3, 2010 and before January 1, 2011, a 6.2% credit for Social Security tax can be claimed by the employer on Form 941 or 944. According to IRS IR-2010-33, the tax credit will have no affect on the employee's future Social Security benefits. The second tax credit offers a $1,000 general business tax credit for each qualified employee hired after February 3, 2010 and before January 1, 2011 that is retained for at least a year. The tax credit will be available on the 2011 Income Tax return. A qualified employee is one that was unemployed for the 60 days prior to being hired or worked no more than 40 hours total for 60 days prior to the hire date. Any employer expecting to claim either tax credit must get a signed statement or affidavit from each qualified employee. According to IRS IR-2010-33, the IRS is developing a form that can be completed by the employee, but it does not appear to be available at this time. The tax credits are available to most all employers except household employers. Due to the required employee statement and one year requirement, employers expecting to claim the tax credit(s) should plan ahead and keep organized records as always. ...read more
By Intricate Tax Solutions, LLC July 16, 2010
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more