March 3, 2012In February, the U.S. Senate and House of Representatives passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012 (Tax Relief Act of 2012). The bill was recently signed by President Obama.The Tax Relief Act of 2012 extends through the end of 2012—meaning the reduction in the social security tax rate paid by employees decreases from 6.2% to 4.2% (which was first implemented for 2011 by the Tax Relief Act of 2010). With the reduction set to expire December 31, 2011, and the employee social security tax rate scheduled to reset to 6.2%, Congress passed the Temporary Payroll Tax Cut Continuation Act of 2011, which extended the reduction through the end of February 2012. Congress has now granted the extension through the 2012 year.The Tax Relief Act of 2012 also repeals the 2% "recapture tax" that would have required individuals who are paid more than $18,350 in January and February 2012 to pay an extra 2% tax so they would not gain more of a benefit from the temporary payroll tax cut than employees who were not paid more than that amount during those two months.If you have questions, feel free to contact us!
Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:
The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later:
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: