Work Opportunity Tax Credit saves employers tax dollars
The Work Opportunity Tax Credit (WOTC) is available to employers who hire individuals from one of eleven targeted groups. Recent legislation extended the credit through December 31, 2013. To take the credit, the employee(s) you hire must be from one of the following targeted groups:
|Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2016, you can deduct 54 cents for each business mile you drive.|
Reduce your estate by gifting property
There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.Read more ...
|The optional sales tax deduction has been extended for the 2016 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.|