If you have a single person LLC, the IRS has decided you can now pay salary to your kids under 18 and not owe any withholding or unemployment taxes and not owe any unemployment taxes on salary paid to your spouse. This is a radical change from the last 3 years. It is for payroll paid after Novemeber 1, 2011 but is retroactive for payroll paid back to January 1, 2009 and expires on October 31, 2014 (Happy Halloween!) Call me at 818-317-6035 or 818-333-5095 or email me at bstonercpa@sbcglobal.net with questions – you can amend those returns and maybe get back some payroll taxes you paid in 2009, 2010 and 2011. You can count on us to count for you!
Brian’s Tax Musings
Here is an article about 2011 Tax Advantages that may go away in 2012 if Congress doesn’t do anything:http://www.sheepsheadbites.com/2011/12/2011-tax-advantages-coming-to-an-end/I take exception to one thing in the article. It says tax preparers don’t have anything to do in the next few weeks. My office is hopping. However, if you want to schedule a planning session to see how 2011 is looking, please call me (818-333-5095 or 818-317-6035) or email me at bstonercpa@sbcglobal.net and we can set something up. You can count on us to count for you!
Brian’s Tax Musings
Well the republicans proposed a alternate plan to the democrats’ tax increase and payroll tax cut. Here is what they offered:http://www.accountingtoday.com/news/Senate-Republicans–Payroll-Tax-Cut-Bill-Mitch-McConnell-Obama-60926-1.html?ET=webcpa:e1995:204199a:&st=emailWell on Friday, both the democratic and republican plans failed to get through the Senate. Oh well, back to square one!You can count on us to count for you!