Oh happy day – the payroll tax cut has been extended for the rest of 2012. This great news brought to you by Congress, with both Rupublicans and Democrats not wanting to take the blame for this bill not passing in a presidental election year, so they actually agreed on something. Stay tujned for 2018 when they again agree on something. Here is a quick overview from Spidell Publishing about the passage of the cut:https://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=654422898&message_id=1812269&user_id=Spidell&group_id=759130&jobid=9101431You can call or email me at 818-317-6035 and bstonercpa@sbcglobal.net with questions, but after this I don’t have a clue (I never thought they would agree on anything again!) You can count on us to count for you!
Brian’s Tax Musings – Remember the Child Tax Credit
If you have kids under 17 that you take as dependents, remember there is a tax credit of $1000 per kid that can be taken on your taxes. There can be limitations but the best part is the credit can be refundible. Here is some info from the IRS website:http://www.irs.gov/newsroom/article/0,,id=106182,00.htmlAny questions about this, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net You can count on us to count for you!
Brian’s Tax Musings – Extending the Payroll Tax Cut Extension
Well the talk is that Congress is closer to extending the payroll tax cut and unemployment benefits (and other stuff too numerous to mention). Here is a link to an update by Steven Sloan and James Rowley in Bloomberg Businessweek:http://www.businessweek.com/news/2012-02-14/payroll-tax-cut-extension-agreement-nearing-u-s-lawmakers-say.htmland here are details on the measure being looked at now-from Andrew Taylor, AP:http://www.huffingtonpost.com/2012/02/14/payroll-tax-cut-extension-boehner-cantor-house-gop_n_1276247.htmlSo it sounds like a done deal, huh? Until it is signed into law, I will wait and see. There is still two weeks to ge and you know they love drawing things out to the last minute. You can count on us to count for you!