It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail. If you have not received your W-2, follow these three steps: 1. Contact […]
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Entries by AFS Taxsavers
Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing taxes this year. 1. Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012. For […]
It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return. Are you single, married or the head […]
INCOME TAX CHANGES FOR INDIVIDUALS AND TRUSTS EFFECTIVE TAX YEAR 2012 (FOR RETURNS FILED IN 2013) During 2011 and 2012, Governor Rick Snyder signed legislation amending the Michigan Income Tax Act. This legislation does not apply to or otherwise impact income tax returns that are due in April 2012. Instead, the first returns that are […]
MiWAM the Advent of MiWAM comes the elimination of manual data entry and the multiple forms employers must complete. Separate processes for the tax/payroll and wage detail reports have been consolidated into just one form. Currently it takes six forms to report quarterly wage information to the UIA, but beginning with the 3rd quarter of 2012 (July […]
IRS Posts Mileage Rates for 2012: The IRS has announces that the standard mileage rate used by business drivers will remain at 55.5 cents per mile for 2012, the same as it was for the last six months of 2011.
Payroll Tax Cut Extended The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the payroll tax cut for employees, continuing the reduction of their social security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through February 29, 2012. The Act also includes a new “recapture” provision, which applies to those employees […]
Social Security Increase for Retirees, Disabled Persons and Surviving Spouses Announced on October 19th, Social Security Benefits will see a Cost of Living Adjustment increase of 3.6 percent next year. This is the first increase in benefits since 2009. Starting in January 2012, 55 million Social Security recipients will get increases averaging $39 a month, […]