TAX TOPICS
DID YOU KNOW?
Congress still has not changed the estate tax laws. If someone dies in 2010, there is actually no federal estate tax liability. We'll wait and see what will happen for 2011. My feeling is that the federal estate tax exemption will revert to $1,000,000. In other words, if someone accumulates over $1,000,000 during his or her lifetime, tax at the unfavorable estate tax rates will probably have to be paid by the heirs.
The government is searching for cash.........Millions in tax dollars are not collected because of the "underground economy." Rules for filing 1099's will probably become more challenging.
There's a tax credit available to small businesses for payment of employees' health insurance premiums.
There's a tax benefit for hiring someone who hasn't had a job for the 2 months prior to his or her hiring date.
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