Lower My Tax Now Blog

Act soon to cut your 2012 taxes

Time is running out to make tax-saving moves for 2012. Here’s a sampling of ideas to consider.

* Maximize the contributions to your employer’s tax-deferred retirement savings plan, thereby saving taxes immediately and deferring taxes on earnings in your account. Also don’t overlook an IRA contribution if you qualify.

* If…

How to succeed in a new business

If the current job market has you thinking about starting a business of your own, take some steps to increase the odds that your business will succeed.

* The first step is an honest self assessment. Common characteristics of a successful entrepreneur are the drive to achieve and the…

Don’t panic if the IRS sends you a letter

There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are wrong.

An IRS notice can be…

IRS eases reporting requirement for small businesses

The “Affordable Care Act of 2010” requires employers to report the cost of coverage under an employer-sponsored group health plan on the employee’s W-2 for 2012.

The IRS is easing this requirement for small companies. Employers issuing fewer than 250 W-2s will not need to include the cost of health…