Congress has just 28 days to extend the payroll tax cut until the end of the year. While most lawmakers agree the tax cut should be extended they are still facing the issue of how to pay for the cut and extension of unemployment benefits without adding to the national debt, which will cost about a $100 billion.
Congress waited till the last minute to pass a temporary
tax cut at the end of the last year and the clock is ticking again. This has put small businesses and their tax lawyers in limbo.
Currently lawmakers are clearing away measures attached to the bill which include barring welfare recipients from using ATM cards in strip clubs, casinos and liquor stores. An additional measure would require welfare recipients to submit to drug tests.
Congress also hopes to give a tax break to small businesses to buy new equipment. Small businesses can benefit greatly from these tax breaks. A
tax attorney can help a business find ways to save on their taxes but a new break would help them create new jobs.
GOP lawmakers are seeking to block new EPA regulations on emissions from incinerators and industrial boilers which is creating a rift with Democratic lawmakers.
Saving on taxes is important to most individuals and businesses and a
tax lawyer can outline the legal ways to reduce your yearly tax bill.
