Category: Government

6 Key Ways Obama’s Budget Proposal Would Affect Small Business

President Obama’s 2016 budget proposal seems focused on helping middle-class families pay for education and get ahead financially. But it also offers up several measures specifically targeted at small businesses. The president now has the challenge of convincing a Republican-controlled House and Senate to support his proposals. Some experts say that Republican leaders seem likely

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Understanding Common Small-Business Tax Mistakes

There are two main reason small businesses make tax mistakes, and fortunately, both are preventable. Find out what they are so you can avoid these legal landmines. Small-business owners can get into trouble with their business taxes for a number of reasons. But the main culprits may not be what you think. You might be

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What You Should Know When the IRS Comes Calling

If you missed or shorted a tax payment and now have a tax agency breathing down your neck, here’s how to handle the situation with minimal anxiety. Many small-business owners can get in trouble with the IRS or state taxation departments for not paying their income, payroll, sales or use taxes. I still remember the

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What the Affordable Care Act Means for You

The Affordable Care Act (ACA) has ushered in the most sweeping regulatory changes to the U.S. health care system since Medicare and Medicaid were passed about 50 years ago. It raises a full range of health care issues, and will continue to do so as provisions take effect through 2020. However, along with potentially increasing

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DOMA Decision’s Impact on Financial Planning for Same-Sex Couples

If you are a member of a married same-sex couple, then the U.S. Supreme Court’s decision to strike down the Defense of Marriage Act could have a substantial effect on many aspects of your financial life. You may want to consider, for example, filing an amended income tax return if you now qualify for deductions

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Do You Qualify for the Health Care Premium Tax Credit?

Beginning next year, individuals and families can buy private health insurance through Affordable Insurance Exchanges, which are marketplaces where individuals can find private health insurance. (This is a new program created by the Affordable Care Act.) If you purchase health insurance through an exchange, you may be eligible for a tax credit that will make

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Take the Uncertainty Out of Health Care Reform

If you’re not sure what the new health care law means to you, you’re not alone. A poll by the Kaiser Family Foundation revealed that just over a third of the public had tried to find out more information about the law—the Affordable Care Act—in recent months. About half of the respondents to the survey

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Did You Hire a Veteran Prior to Jan. 1, 2014?

The Work Opportunity Tax Credit offers employers a tax credit for hiring members of certain groups, including many veterans and those who have received vocational rehabilitation. The maximum credit can be as high as $9,600, depending on the employee, but it only applies to hires who begin work before January 1, 2014. Tax credits are

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IRS Decides to Shut Down Completely on Furlough Dates

Acting IRS Commissioner Steve Miller announced that the IRS will close “all public-facing operations,” including toll-free operations and Taxpayer Assistance Centers, on May 24, June 14, July 5, July 22, and August 30, with another two days of closings possible in August or September, in response to the budget cuts from sequestration…. (read more here)

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