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4 Tax Law Changes We Need To Make Permanent

Aug 20, 2012 Posted by Ted Jenkin @ Your Smart Money Moves In Gen X & Y Financial Advice Tagged 18 small business tax cuts, 4 Tax Law Changes We Need To Make Permanent, 6.2-percent payroll tax incentive, a larger tax break, all of the tax law changes, American Dreams, an additional general business tax credit, Business Owners, Charitable Deductions, Citizen, creating a tax strategy plan, Different Ways, Double Taxation, employer and employee’s shares of Medicare taxes, entrepreneurs who are trying to grow businesses, Federal Insurance, Federal Insurance Contributions Act (FICA) tax, financial advice to the X and Y Generation, Gen X & Y Financial Advice, Gross Income, Home Ownership, incentive to people to become entrepreneurs, Income Taxes, Insurance Contributions, Irs Gov, Itemized Deduction Phaseout, itemized deductions which are set out to give us a tax break, Medical Expenses, Money Advice, mortgage interest paid, oXYGen Financial, Paycheck, Personal Finance 101, Personal Joy, personal property taxes, Presidential Election, Real Estate Taxes, Real Estate Values, Registered Investment Advisory Firm, Retirement Plan, Sale Of Your Primary Residence tax, save money in taxes, Smart Money Moves, Social Security, Social Security Benefits, Social Security benefits non-taxable, Social Security Fund, Social Security Taxation, Social Security taxes, Tax Credits For Employing The Unemployed, tax law changes, tax law changes set to take effect in 2013, Ted Jenkin, the capital gain exclusion on the primary residence, The Leaders in Gen X & Y Financial Advice and Services, the temporary ‘tax breaks’, unreimbursed employee expenses, Wheels In Motion, your Social Security Benefits become taxable Comments 7

With the presidential election beginning to heat up in America over the next several months, we are all going to hear a lot about income taxes. We all know that with thousands of pages of tax code, it is impossible for the average citizen to really understand all of the different ways they can save money in taxes. There are many tax law changes set to take effect in 2013. If I had the opportunity to set the wheels in motion to make some tax law changes that would be permanent and easy to understand, here are four of them that I would recommend we change to become permanent. 1. Social Security Taxation – From the day you begin working and earning waged income, 6.2% of your paycheck (the last couple of years 4.2%) goes toward your future social security benefits. This is also known as your Federal Insurance Contributions Act (FICA) tax. You only see the 6.2% that comes ...