What would you do with an extra $1,000?

With The Tax Relief Act of 2010 Employee payroll taxes have been cut from 6.2% to 4.2% for 2011.1 So if you pay into Social Security, you’re looking at a slight increase in your take-home pay. Have you considered what you will do with that extra money? How about directing it into your 401(k) or IRA? That 2% “tax savings” will show up in higher take home pay throughout the course of the year – it … Read More

Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010

posted in: Taxes | 0

The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 has been passed by Congress and is set to be signed by President Obama later today. (Could they come up with longer titles for these laws?) This legislation not only extends previous Bush tax-cut provisions, but includes some additional measures.  Here are the highlights: On federal income taxes: Most of the current federal income tax bracket rates were scheduled to increase in … Read More