This tax musing is just to let you know that the 2% social security tax reduction Congress fought over into February of this year will probably end in 2012. For some reason we have a budget deficit (hah!) and everyone is more worried about the other big tax increases that start in 2013 and don’t much care about this. This article in the New York Times by Annie Lowrey goes into more detail:
http://www.nytimes.com/2012/10/01/business/economy/payroll-tax-cut-unlikely-to-survive-into-next-year.html?_r=1
Just remember; if the other tax cuts go away getting this back will be a drop in the bucket!
Remember, for financial, accounting and tax musings,
You can count on us to count for you!
email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com 