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The IRS 2013 standard mileage rates are out

The 2013 optional standard mileage rates have been released by the Internal Revenue Service. The IRS has not said the rate for business miles driven will increase 1 cent, from 55.5 cents per mile to the new rate of 56.5 cents per mile. This new rate begins with mileage driven beginning on January 1, 2013. The rate applies to business miles driven with a: Car Van Pickup Panel Truck Details of the rates 56.5 center per mile for miles driven for business purposes. 24 center per mile for miles drivel for medical or moving purposes (up 1 cent per mile from 2012) 14 center per mile for miles driven in the service of charitable organizations. The IRS determines the standard mileage rates from its annual study of the variable and fixed costs of using a car. On the other hand, the rate for moving and medical purposes is solely driven by the estimated variable costs. As the business owner, it’s important to know that your business should use the new rate to reimbur ...

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Thinking of gift cards for employees? Think carefully.

Gift cards are frequently used as short term rewards and incentives by managers. They are used in many ways depending on the business purpose and the corporate culture. Here’s a few example of ways to use gift cards, and their potential tax implications. Give Card Types: Themed: Many companies use gift cards as part of a theme, or they have employees with common interests. This allows manager to get gift cards to specific stores. For example, if you are promoting your new wellness program, then the gift cards could be from a fitness merchandise store, or be usable at a health club. Generic: Many companies have a workforce that is too diverse to effectively guess what kinds of gift cards to award. In this case, managers usually opt for using gift cards for things like grocery stores, pre-loaded cash cards, and gasoline cards. Award Process: There are all kinds of ways to determine who gets which cards. Point Raffle Frequently, manager will hand out notices of good work. It might consist ...

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Boxer denied some, but not all, work injury benefits due to off-duty boxing match

Edelmiro Martinez was a porter for LeFrak City Management during the day, but was a featherweight boxer at night. Martinez had a scheduled fight in July of 2004. The professional fight was held in the Mohegan Sun Casino in Connecticut. Court records show he injured his left bicep at the fight. A few weeks later, in August, he had an MRI, which revealed he had a torn bicep. He returned to his day job as a porter and on August 18, 2004, reported that he had injured his left bicep while lifing garbage bags for LeFrak City Management. Martinez filed for workers’ compensation benefits from LeFrak City Management. After some investigating, the New York Workers’ Compensation Board determined Martinez had a 30% loss-of-use rating on his left arm. The board also documented that Martinez failed to disclose the prior injury to the same arm, according to records. The board awarded Martimez medical benefits for the work-related arm injury, but also denied him loss-of-use benefits after not mentioning the pr ...

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Unhappy with the benefits, unhappy with the job

As the business owner, or HR executive, you know a comprehensive benefits package can primarily help: Contribute to higher employee performance Help with attracting candidates for open positions Increase worker job satisfaction In addition, you’re concerned with controlling health care costs, increasing worker productivity and retaining employees. At the most recent Benefits Forum & Expo in Phoenix, Robert Ferrone, market vice president of broker sales for Aflac, laid out key market influences driving the current focus on benefits packages. Ferrone explained there is still a need to find and hire top talent. Even with layoffs and a slow market recovery, there is still a shortage for top talent in select positions. Workers are generally financial unprepared. Many employees are living paycheck to paycheck. A few additional money saving benefits can be the difference between increasing, or decreasing, the family credit card debt each month. According the Ferrone, 29% of workers would rate their ...

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Some of the most frequently paid taxes you don’t think of

When you think about taxes, which ones come to mind? Most people will mention sales tax and income tax. But, when you begin to list the taxes you pay all the time, the list gets longer and longer. Here’s a few you might not immediately realize: Medicare taxes and Social Security are taken from your paycheck. These two payroll mainstays represent almost ten percent of your pay. Electricity taxes – So, every household is on the hook for electricity taxes. Natural gas taxes – Not to be left out, if your house is hooked up to natural gas, you’ll be hit with taxes on that too. Cable tax – That broadband internet access powering your Wifi and your cable shows are taxed in your cable tax. Landline Phone Tax - Still using a wired landline? The Fed and your state tax those on every bill. Cellphone tax - Federal and state taxes are included on mobile telephone bills. Gas Taxes – Gas taxes account for over 10% of a gallon of gas. Federal taxes are assessed on a per gallo ...

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