Tel: 910-443-7322
We are located at Wilmington NC
Tax news
Temporary Social Security Tax Cut Extended through February
The Social Security tax rate was scheduled to revert to its normal rate of 6.2% for employees on January 1, 2012, ending a year-long temporary reduction in the rate to 4.2%. Whether this rate should revert to its normal rate or remain temporarily reduced become the topic of intense political discussion. In one of the last legislative acts of the year, Congress passed and President Obama on December 23, 2011, signed into law the Temporary Payroll Tax Cut Continuation Act of 2011 (HR 3765). This legislation provides that the tax rate paid by employees for Social Security remains at 4.2% through the end of February. Employers still pay the full 6.2% rate for their portion of Social Security.
Tax saving tips
Tax tips for the self-employed
If you have your own business, you have several choices of tax-favored retirement accounts, including Keogh plans, Simplified Employee Pensions (SEPs) and individual 401(k)s. Contributions cut your tax bill now while earnings grow tax-deferred for your retirement.
If you use part of your home regularly and
exclusively for your business, you can qualify to deduct as home-office expenses
some costs that are otherwise considered personal expenses, including part of
your utility bills, insurance premiums and home maintenance costs. Some
home-business operators steer away from these breaks for fear of an audit. But
if you deserve them, claim them.
Address:
Joseph Guo, CPA, PLLC
Send your inquiries to:
Attention: Joseph Guo, CPA
4018 Oleader Drive,Suite 3B
Wilmington NC, USA
28403
Directions
Telephone:
Customer Care:
1-910-443-7322
Saturdays, Sundays and federal holidays please leave a message. We will contact you within 24 hours of the first business day.
Fax:
1-866-533-7493
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