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Bright Ideas
Purchase fixed assets before year-end to take advantage of tax incentives included in President Obama's Small Business Jobs Act.
Employers may want to consider having higher health insurance deductibles as a way to lower premiums.
Did You Know?
The IRS does not initiate contact with taxpayers by email. If you receive an email purporting to be from the IRS, forward it to: phishing@irs.gov.
In 2011, the federal government will require all businesses that have payroll tax liabilities in excess of $2,500 per quarter to pay their federal tax deposits electronically through the Electronic Federal Tax Payment System (EFTPS) rather than making a bank deposit.
In 2013, flex spending contributions will be limited to $2,500 per year.
Contractor or employee? The key issue is whether the person providing the services is subject to the direction and control of the business… not only as to what will be done but also how it will be done.
If you have a dwelling in New York available for your use during the year and spend a certain number days in New York, you could still be a New York resident for tax purposes even if your permanent residence is out of the state.
*Did You Know information obtained from Internal Revenue Service and New York State Department of Taxation and Finance websites; Hodgson Russ, LLP; and Eric Monroe, CLTC, Standard and Pension Services, Save Flexible Spending Plans
