Deadline is fast approaching to file your FAFSA application. You can now electronically submit your tax return information. Read this article for more information.  Â
 FAFSA and IRS team to make financial aid application easier | AccountingWEB.com.
Starting a wellness program in your small business can qualify you to get a wellness tax credit.  If your business is under 100 employee and you meet all the stipulation you could be eligible for a tax credit. The program must focus on employee weight loss, smoking cessation and preventive healthcare services.  Read this article and take advantage of this credit.
The IRS plans to start processing returns that were delayed, due to the December tax law changes, on February 14, 2011.  Although the IRS may be delayed, we are ready to process your return so do not delay in submitting your material to us.  Our goal is to get them processed by the  due date, so if you are waiting to bring your material  in please don’t.
Tax updates
The standard mileage rate for business driving for 2011 is now 51 cents per mile this is up 1 cent from the 2010 rate.
The tax credit for energy saving home improvement went down.  The credit is now 10% which was 30%. The cap on this credit is now $500, which was $1500.   Caps have been placed on individual items like furnaces and water heaters $150., window $200.    Â
Individuals benefit from a Social Security tax cut.  In 2011 employees will reduce their social security tax withholding rate from 6.2 percent to 4.2 percent of wages paid.   Businesses should have already implemented this change if not please give us a call.