Tag Archives: 2012

More Tax-Law Changes for 2012

Here are a few more:

  • Federal income tax-bracket  For a married couple filing a joint return, the taxable-income threshold separating the 15% bracket from the 25% bracket is $70,700 for this year, up from $69,000 for 2011.
  • The standard deduction is up slightly. For singles, the basic deduction amount for this year is $5,950, up from $5,800 last year. For married couples, it’s $11,900, up from $11,600 in 2011. There are additional amounts for those who are 65 or over, blind or both.
  • The  dependent exemption is $3,800 for 2012, up by $100 from 2011.
  • The maximum  earned income tax credit for low- and moderate-income workers and working families rose to $5,891 for 2012, from $5,751 in 2011. The maximum income limit for the EITC rose to $50,270 from $49,078 in 2011.
  • The foreign earned income exclusion  rose to $95,100 from $92,900 for 2011.
  • The IRS’s optional standard mileage rate for using your car for business remain unchanged at 55.5 cents for 2012.  Drivers have a choice of using this rate or deducting the business portion of actual expenses.

New year will bring new laws and regulations for small businesses

In California, the new rules include limits on the ability of businesses to check the credit reports of workers and job seekers. Nationwide, tax deductions for equipment purchases will be sharply reduced.

Small-business owners will be greeted Jan. 1 with dozens of new laws and regulations.

In California, they will include new mandates concerning employees, including a partial ban on checking the credit reports of workers and job applicants.

And it’s no surprise that there are changes at the federal level too.

Here’s a guide to some of the new laws and regulations set to go into effect in 2012.

  • Federal Taxes changes
  • New federal accessibility  rules
  • New California laws

Read more

In 2011, Entrepreneurs Snag Victories in Washington

Despite the partisan bickering that kept Congress from accomplishing much in 2011, small businesses and entrepreneurs managed to eke out a few victories in Washington, D.C., this year.

1. Repeal of the 1099 paperwork requirement

2. Repeal of 3 percent withholding for government contractors

3. Small Business Innovation Research compromise

4. Startup America launched

5. Free-trade agreements passed