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ClientKeeper - January 2012 Message #1
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Payroll tax cut extended for two months
============================After weeks of partisan bickering, Congress finally
approved a two-month extension of the payroll tax cut
for American workers. President Obama signed the
"Temporary Payroll Tax Cut Continuation Act" on
December 23, 2011. Though both Democrats and Republicans
wanted a one-year extension of the tax cut, they could
not agree on how to pay for a year-long extension and
settled on a paid-for two-month extension.The new law extends the 4.2% social security tax on
wages through February 29, 2012. Without this extension,
the employee tax rate would have gone to 6.2% on the
first $110,100 of wages earned in 2012.The law also extends benefits for the long-term
unemployed for two months and prevents a scheduled cut
in fees paid to Medicare providers from taking effect
January 1, 2012.These extensions will be paid for by an increase in fees
charged by government-backed mortgage companies (Fannie
Mae and Freddie Mac) for new home loans.Included in the agreement is a requirement that
President Obama make a decision within 60 days on the
construction of the 1,700 mile Keystone oil pipeline.Finally, the law calls for a House-Senate conference
committee to negotiate an agreement that would extend
the payroll tax cut through the end of 2012, extend
unemployment benefits, and prevent cuts in payments to
Medicare doctors.
ClientKeeper - January 2012 Message #2
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IRS releases 2012 tax numbers
======================Each year the IRS adjusts certain tax numbers for
inflation and tax law changes. Here are some of the
adjusted numbers you'll need for your 2012 tax planning.* STANDARD MILEAGE RATE for business driving remains at
55.5¢ a mile. Rate for medical and moving mileage
decreases to 23¢ a mile. Rate for charitable driving
remains at 14¢ a mile.* SECTION 179 maximum deduction decreases to $139,000,
with a phase-out threshold of $560,000.* TRANSPORTATION FRINGE BENEFIT limit decreases to $125
for vehicle/transit passes and increases to $240 for
qualified parking.* SOCIAL SECURITY taxable wage limit increases to
$110,100. Retirees under full retirement age can earn
up to $14,640 without losing benefits.* KIDDIE TAX threshold remains at $1,900 and applies up
to age 19 (up to age 24 for full-time students).* NANNY TAX threshold increases to $1,800.
* HSA CONTRIBUTION limit increases to $3,100 for
individuals and to $6,250 for families. An additional
$1,000 may be contributed by those 55 or older.* 401(k) maximum salary deferral increases to $17,000
($22,500 for 50 and older).* SIMPLE maximum salary deferral remains at $11,500
($14,000 for 50 and older).* IRA contribution limit remains at $5,000 ($6,000 for
50 and older).* ESTATE TAX top rate remains at 35%, and the exemption
amount increases to $5,120,000.* The ANNUAL GIFT TAX EXCLUSION remains at $13,000.
* ADOPTION TAX CREDIT decreases to $12,650 for adoption
of an eligible child.=====================================
This is a ClientKeeper™ E-mail sample.