 Greetings!
Happy New Year friends and a Big THANK YOU to everyone who contributed to our success in 2011. It's that time again to prepare your tax returns, If you moved any employee's last year, you might want to share this newsletter with them to remind them of some expenses that can be deducted.
"As a taxpayer, you are required to be fully in compliance with the United States Tax Code, which is currently the size and weight of the Budweiser Clydesdales." -- Dave Barry
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Worldwide ERC's 2011 FilingTax Tips for Transferees
The following are a list of moving expenses that are deductible and sometimes overlooked:
- Tips to the moving van driver or helpers.
- Mileage for driving second or third cars to the new location (in addition to the first car). The deduction for 2011 is 19 cents per mile from January 1 to June 30, and 23.5 cents per mile thereafter.
- Lodging expenses in the departure location for one night after the household goods are packed, and one night in the new location on the day of arrival.
- Moving household goods from a location other than your main home, up to what it would have cost to move them from the main home.
- Storage of household goods for up to 30 days, including the cost of moving the goods into and out of storage even if the goods are in storage more than 30 days.
- Expenses not reimbursed by your employer, such as extra crating, shipment of unusual items, tips to van line staff, etc.
Plan Ahead - Highlights of 2012 Tax Code Changes
- Each personal and dependent exemption is $3800 - an increase of $100 over 2011
- Standard itemized deductions will rise slightly
- the basic deduction rose to $150
- married couple filing jointly gained a $300 deduction
- head of household deduction rose to $200
- Significant changes to the Alternative Minimum Tax exemption were made
- The new FICA ceiling for 2012 is $110,100. The employee rate remains at 4.2% at least until the end of February. Many expect this rate to be extended for the year, if it is not it will revert back to 6.2%.
This year's return will be due on Tuesday, April 17, 2011, because the normal due date of April 15 is a Sunday, and April 16 is a holiday (Emancipation Day) in the District of Columbia. | |
If you need more information contact NRI. Or call us at (800) 598-8887. |
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"I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared.
To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we must be taxed in our meat and drink, in our necessities and in our comforts, in our labor and in our amusements. If we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy."
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Susan Bender
NRI Relocation
847-465-5502
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| | Pass The Word! | NRI is confident that we can wow new customers with the same personal service we provide to you and your employees. We invite you to tell others about us so that they, too, can experience the difference.
They will find what other NRI clients have found -- that no other relocation company will give them the time, attention and VIP treatment that NRI does. Employee relocation is a people business and we put our people to the test daily to create a positive experience for our clients and their employees.
Please pass the word, and let NRI show them how it's done - when you trust a company that cares about your employees as much as you do.
We guarantee -- They will appreciate NRI's white glove service as much as you do!
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