Laurice Hewitt's Page

President Barack Obama has approved the first-time home buyer tax credit extension, which will extend the tax credit until April 30, 2010. It also extends unemployment benefits for 14 weeks. The 27 states with unemployment rates of 8.5 percent or higher would gain an extra six weeks on top of that, but all states would be eligible for the 14 weeks of extended benefits.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for home buyers who are pu… Continue

Every year, The IRS releases its list of the top 12 tax scams and schemes. These scams – known annually as the Dirty Dozen – are illegal and can lead to problems for taxpayers who risk significant penalties, interest and possible criminal prosecution. Here are five scams from the 2009 Dirty Dozen list every taxpayers should be aware of this summer.

1. Phishing. Phishing scams often take the form of an e-mail that appears to come from a legitimate source, including the IRS, that contain e… Continue

While peace of mind may be reason alone for outsourcing payroll, below are additional reasons why outsourcing payroll services may be a great solution for your small business:

1. Save time by letting payroll specialists do the work.

2. Save money by focusing your time on building your business.

3. Avoid penalties where errors in federal, state and local taxes and filing requirements may be avoided.

4. Reduce costs by comparing in-house processing wages to outsourced processing fees.… Continue

Many students get a summer job during their time off from school. Here are the top seven things the IRS wants everyone to know about income earned while working a summer job.

1. Taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an adequate amount of taxes to cover their total income tax liabi… Continue

Owners’ children can work for the firm, regardless of age, number of hours worked or time of day—if the parent(s) own 100% of the business. Children under 16 cannot do hazardous work such as use lawn mowers, sewing machines, etc., work where food is cooked, or work near flammable or hazardous material.

Minimum wage: 100% of owners hiring only immediate family members need not pay the minimum wage. But if owners regularly employ non-family members, they must pay even family members the minimum w… Continue