Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

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How Working Impacts Social Security

Standard Mileage Rates for 2012

Tax Planning Following a Job Loss

Reporting Foreign Financial Assets

Employing Children in an Unincorporated Business

Important Information

 

 

 

How Working Impacts Social Security

Many taxpayers are applying for social security retirement benefits earlier than they previously planned to supplement their income. But, continuing to work while receiving social security benefits may cause the benefit to be reduced below the anticipated amount.

Standard Mileage Rates for 2012

The 2012 standard mileage rates for use of an automobile are 55.5 cents per mile for business miles (the same rate in effect for the last half of 2011), 23 cents per mile for medical or moving purposes, and 14 cents per mile for rendering gratuitous services to a charitable organization.

Tax Planning Following a Job Loss

Taxpayers dealing with a layoff or termination frequently overlook the tax consequences of events associated with their unexpected job loss. Yet, properly handling the tax aspects of this life-changing event could prevent a negative financial impact.

Reporting Foreign Financial Assets

New regulations designed to uncover information on foreign assets owned by U.S. taxpayers have been implemented by the IRS.

Employing Children in an Unincorporated Business

This tax-saving idea could help certain taxpayers reduce their federal taxes.