Employees that travel on business frequently accumulate hundreds if not thousands of dollars in out of pocket expenses annually. Some employers will reimburse the worker up to IRS standard deduction rate of $0.555 per mile while others may return much less and sometimes nothing at all. Is your employer treating the reimbursement correctly for tax purposes and how should you report it on your own tax return? Read More.
Sky-high unemployment rates and months of unemployment benefits for many workers have pushed some states into the red with the federal government. A study by the Tax Foundation issued in October found that 34 states had borrowed from the federal government to pay unemployment benefits when the states’ funds dried up. A few states have paid off their debts, but with many states still struggling financially, they owe a combined $37 billion, and began paying interest this fall on the cash they borrowed. Read More.
You may have missed it, but when Congress approved the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 in December, which is commonly called the extension of the Bush tax cuts, it mandated a major cut in the Social Security tax you pay. Instead of forking out 6.2%, you now pay 4.2% for all wages earned up to $106,800. Read More.
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