All eyes are on Washington D.C. as we awaiting a finalized budget from President Obama and the Republican Congress resolving the so-called Fiscal Cliff. We are expecting the passage of The Family and Business Tax Cut Certainty Act of 2012 and the Work Opportunity Tax Credits (“WOTC”) to be extended for 2013 and retroactively be renewed back to January 1st, 2012, either just before the deadline, or very soon after the beginning of the new year.
WOTC In the News…
2012 year-end tax tips: 4 credits due to expire
(MoneyWatch) With the end of the year rapidly approaching, now is a good time to review some great benefits that Uncle Sam is making available for this calendar year. Before you pull out last year’s returns as a guide for this year, take note of the following benefits which expired and/or have not yet been repealed and will not be available for tax year 2012, according to IRS Publication 505:
5 Year-End Financial Moves to Make Now
With 2013 right around that corner, businesses can take a number of steps to prepare themselves for changes in the new year. In particular, savvy business owners can take advantage of a number of tax regulations and credits still available for 2012
Work ethic, tax incentives make it pay to hire a veteran
Chenango County employers have until the end of the year to hire veterans and receive special tax credits as the Returning Heroes and Wounded Warriors Work Opportunity Tax Credits is currently set to expire Jan. 1.
End-of-Year Accounting Tips for Small Business
For not-for-profit organizations who hire veterans who begin work on or after November 22, 2012, but before January 1, 2013 there is a tax credit available up to $6,240 per worker. The credit claimed will be reported on a new form as a credit against the NPOs share of social security tax for all employees. For more information visit www.irs.gov and search for the Work Opportunity Tax Credit.