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Tax news

Temporary Social Security Tax Cut Extended through February

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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.

demoIf 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.