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Can you name the 18 small business tax cuts?

It’s hard for all us not to get political during an election year.    In the next several months you’ll see more negative mudslinging between the Presidential candidates in a war of negativity and word twisting that I don’t believe we have ever experienced before.    Since I am a small business owner, one of my points of view during this election is to look out for and inform other small business owners.    Since I think small business owners will be the real engine of job growth over the next four years, owners need to really look closely at what the candidates are proposing to do to support the growth of small business. It’s funny to me that all we hear about is that over the past four years there have been 18 small business tax cuts by the current administration to drive small business growth.  If you try to Google the 18 small business tax cuts, you’ll find out quickly that ...

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What will you do with 2% more in your paycheck?

If Santa Clause didn’t come down your chimney with anything good this year, Congress has decided to give you a stocking stuffer for the New Year.   With nearly 160 million workers that will benefit from the extension of the reduced payroll tax that passed just before Christmas, it’s time to figure out whether you’ll be naughty or nice with your gift.   The Temporary Payroll Tax Cut Continuation Act temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of your Social Security withholding rate from 6.2% to 4.2% of wages paid through February 29th, 2012.  (source: www.irs.gov) Of course, this is supposed to have no effect on your future Social Security benefits.  Yeah, right! If you weren’t aware, this payroll tax cut was in effect for all of 2011.   This means that for those who earned W-2 income last year up to your first $106,800 of waged income, you actually got a 2% pay raise in ...

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