Small Business Owners Tax Credits |
Small business owners should check out two key tax credits and a special relief program that could provide significant tax benefits during 2012.
The expanded credit for hiring veterans and the credit for employer-provided health care coverage can provide tax savings to eligible small businesses when they file their 2012 federal income tax returns. In addition, substantial relief from past payroll tax obligations is available to eligible employers who agree to reclassify their workers from independent contractors to employees in the future.
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Independent Contractor or Employee?
How to Properly Classify Your Workers |
Companies should ensure they're making the proper classification of an independent contractor versus employee when they hire or contract with individuals to provide services to their business. This classification affects how a company withholds income taxes, withholds and pays Social Security and Medicare taxes, and pays unemployment taxes. For workers, this classification affects their eligibility for benefits and their tax responsibilities.
Misclassifying an individual as an independent contractor may result in a number of costly legal consequences for companies. Read More
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Defective Donee's Letter of Acknowledgement Barred Charitable Contribution Deduction |
Durden, TC Memo 2012-140
The Tax Court has disallowed taxpayers' charitable contribution deduction to their church because the donee organization failed to provide a properly completed contemporaneous written acknowledgment of the contribution. Although the donee twice attempted to provide letters adequately acknowledging the contribution, the letters failed to meet the substantiation requirements.
RIA observation: This Tax Court decision illustrates the need for taxpayers to be vigilant about receiving proper and timely acknowledgment of $250 or more charitable contributions from donee organizations. A cancelled check and a simple written acknowledgment aren't enough to substantiate a deduction. Further, a failure to receive the proper acknowledgment can only be remedied by the donee within a relatively short window of time.
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NYS Residency: Non-Resident Filers Should Be on Alert |
A New York State resident taxpayer is responsible for reporting and paying New York State personal income tax on income from ALL sources regardless of where the income is generated, or the nature of the income. A nonresident taxpayer is given the opportunity to allocate income, reporting to New York State only that income actually generated in New York. In addition, the nonresident need only report to New York income from intangibles which are attributable to a business, trade or profession carried on in the State. Thus, significant benefits may be derived from filing as a nonresident. Read More |
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We would like to express our gratitude to all of our clients for your continuous support. We thank you for all of your referrals and truly appreciate the recommendations which allow our business the opportunity to grow. We are always looking for feedback and welcome your comments about our firm and our performance. We would love to hear from you. |
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Check Out Our Website and Social Media Pages!
We invite you to come and visit our website and social media pages. Social media is a great outlet for getting quick answers and staying updated with current accounting information. We encourage you to like, follow, and join our social media efforts through asking questions, sharing an experience, and introducing us to your friends. We appreciate your business and value your involvement, let us know what you think, we'd love to hear from you.
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Social Security Statements Now Available Online
You can now access your Social Security statements online, which means not going to the Social Security office to request them in person. The ability to access statements online will save a lot of time.
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Mark L. Meinberg, CPA, Managing Partner
of MayerMeinberg Appears in the Long Island Business News
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Lois Clinco, CPA, CFE, Partner
of MayerMeinberg Appears in the New York Real Estate Journal
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We Would Like to Welcome and Introduce You to Our New Team Members
Christopher Fasano graduated from Adelphi University in 2008 with a degree in Accounting. Chris has 4 years experience working in public accounting, in the area of small business, audit and tax. Chris is currently studying towards obtaining his CPA license.
Lauren Derks graduated from Hofstra University in 2012 with a degree in Accounting, and a minor in Information Technology. She has been working in the Accounting industry for 2 years in the tax field. Lauren is currently studying towards obtaining her CPA license.
Amanda Zyta graduated from the Fashion Institute of Technology with a Bachelor of Science degree in marketing communications and advertising. Amanda will be responsible for implementing and maintaining our firm's marketing, public relations and social media efforts. |
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Congratulations to Hayley Mayer and Her Husband Shawn
We are proud to announce the birth of Peyton Axl born on May 1, 2012 at 9:22am, weighing 7lbs, 21" long.
Much love and joy to Hayley, Shawn and Peyton.
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