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.|
Items you donate may not qualify for a deduction
It used to be that you could take all your unused clothing and household items to the local Goodwill, Salvation Army, or thrift store and reap a nice charitable contribution deduction.
|Contributions to a health savings account (HSA) must be made by the due date of your tax return excluding extensions.|