Birgit Pauli-Haack
Small Business Resource Network Southwest Florida
The Accounting Committee of Fred Tenorio, Marie Grasmeier and Michael Willis want to alert SBRN members of end of the year tax code changes which will affect virtually all employers and taxpayers.
Unless they are extended by Congress which looks unlikely given the continuing Congressional deadlock, the following tax credits will disappear December 31, 2011.
- The 2% reduction in Social Security taxes which means employees will see a smaller paycheck,
- The option to deduct state and local sales taxes in lieu of state and local income taxes.
- The above the line deduction of tuition and fees,
- The up to $250.00 educator deduction and
- The up to $500.00 tax credit for home energy improvements.
There are other changes or potential changes which may occur before the end of the year and to help you with your year end or 2012 tax planning, please contact Fred, Marie or Mike for specific details.
