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1. Self-employed? Deduct full health premium
Finally, self-employed people can write off 100 percent of their health insurance premiums (up from 70 percent in 2002).Note:
You can reap significant additional tax savings by making your spouse an employee of your sole proprietorship or single-member LLC and setting up a medical expense reimbursement plan. That strategy could let you deduct all your family's health costs (including uninsured expenses) on Schedule C, plus it could lower your self-employment tax bill.
U.S. workers have stayed put, waiting out the recession. Now, 40 percent of workers plan to change jobs this year, according to a Careerbuilder.com survey. Some tips to lure the best:
Between Feb. 1 and April 30, many U.S. employers must post a summary of the number of job-related injuries and illnesses that occurred in their workplace last year (OSHA Form 300A, not the complete Form 300 log).
With the economic upsurge generating more hiring, it may become a "buyer's market" again. So you'll need to show your best cards to win the star applicants.
More companies now offer retention bonuses to rank-and-file workers, too, according to surveys by consultants WorldatWork and Lee Hecht Harrison.
Companies usually are liable for injuries caused by workers who are "acting within the scope of employment." You're not liable when they cause injuries on their own free time. But what about gray areas, when workers run personal errands while on company business?
The U.S. Labor Department published new rules last year saying that companies offering health insurance must give employees more specifics on their rights to COBRA continuing health coverage.
You've probably heard that hiring your children is a great tax-saving move. Their income is taxed in their low tax bracket, and as long as you handle things correctly, your company can deduct the compensation.