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Why The New Medicare Tax May Cost You More Money

Posted in Tax News on June 26, 2012

Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…

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The Difference Between The Standard Mileage Method and Actual Expenses

Posted in Tax News on June 19, 2012

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses. Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel.  The current allowance is for 55.5 cents…

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9 Easy Steps for a Mid-Year Tax Review

Posted in Tax News on June 12, 2012

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Half of the year is almost over.  Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review.  …

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4 Reasons to File Form 1099

Posted in Tax News on June 5, 2012

1) Payments made to independent contractors. Payments to independent contractors over $600 need to be issued a Form 1099-Miscellaneous.  This form needs to be issued to all unincorporated vendors.  An unincorporated business is one that is a sole proprietorship, partnership…

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Do You Still Advertise in The Yellow Pages?

Posted in Tax News on May 22, 2012

If so…Why? ACTION ITEM: Consider using other tools to attract potential customers like Linkedin, Facebook , Twitter or You Tube.

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