February 22, 2012
John C. Wyatt CPA
Where comprehensive personal service is our commitment to you. We are dedicated in providing the highest quality financial and tax advisory services for individuals, businesses, estates and trusts, and non-profit organizations for twenty years.
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2011 and 2012 Tax Considerations
Credit for Hiring Veterans - Business's will receive a $2,400 credit for hiring veterans who have been unemployed for 4 weeks or a $5,600 credit for veterans who have been unemployed for 6 months.
Capital Gains Tax Rates - The maximum tax rates for qualified dividends and long term capital gains (15%) remains in effect for 2012. (Look for major changes in 2013!!)
Bonus Depreciation - There is 100% depreciation available for new business assets placed in service after 9-8-10 and before 1-1-12.
Portability of Estate Exclusion - There are significant tax considerations for surviving spouses whose husband or wife passed away in 2011 or 2012.
Standard Mileage Rates for 2012 - (Business - 55 1/2 cents) (Medical and Moving - 23 cents) (Charity - 14 cents)
Forms 1099 - Beginning in 2011 there will be much harsher penalties for failing to file form 1099 information returns with the IRS.
Active Military Pay - The Oklahoma active military pay exclusion has been increased from $1,500 to 100% of earning.
SUV Depreciation - For 2011 there is 100% write-off available for SUV's that exceed the 6,000 pound vehicle weight rating.