There is a new push by Senate Democrats to push through an extension of the payroll tax cut (expand it some, in fact) and pay for it with a new tax on people with adjusted gross income over 1 million dollars. The payroll tax cut will be for this year and the new tax on millionaires would start in 2013 (?) Is it permanent? Take a look:http://www.bloomberg.com/news/2011-11-28/senate-democrats-eye-3-25-millionaire-levy-to-extend-cut-in-payroll-tax.htmlIf anything actually happens on this, I will let you know.
Brian’s Tax Musings
Since this is the last day of November it is a good time to discuss charitable contributions. Here is a good article on Linkedin about ithttp://www.linkedin.com/news?viewArticle=&articleID=913827549&gid=2444428&type=member&item=81308422&articleURL=http%3A%2F%2Fwww%2Efoxbusiness%2Ecom%2Fpersonal-finance%2F2011%2F11%2F14%2Ftax-tips-for-giving-season%2F&urlhash=bqJR&goback=%2Egde_2444428_member_81308422If you want to discuss these items further, feel free to call at 818-333-5095 or email at bstonercpa@sbcglobal.net and I can talk to you about it.
Brian’s Financial Musings
Here is a good one. Banks charging a business a fee for depositing money into their account! See this article in the LA Times by David Lazarus:http://articles.latimes.com/2011/nov/18/business/la-fi-lazarus-20111118If your business is getting charged for this, you should look at other banks, or maybe have an extra personal checking account you could deposit cash into then transfer to your business account.