McConnell urges House to pass payroll tax cut

Lawmakers in Washington are at a stalemate over approving the payroll tax cut which affects 160 million Americans. House speaker John Boehner has repeatedly said this week that the House will not approve a two-month extension, but is instead pushing for a year extension.

Last week the Senate passed a two month extension, leaving the tax cut in place before they convened for the holidays. Today, Senate GOP leader Mitch McConnell today came forward and urged Boehner to pass the bill in the House, reminding Boehner that the GOP won a political victory by including the Keystone Pipeline in the Senate passed measure.

Pressure from all sides in Washington is mounting on Boehner. President Obama has asserted that he will not negotiate for a year extension on the payroll tax cut until the house approves the temporary bill.

Boehner and Republicans in the House say that they want a one year bill to alleviate the uncertainty small businesses face in the wake of a temporary measure. Businesses pay their taxes on a quarterly basis.

Small businesses along with their tax attorneys and accountants make crucial business decisions as each fiscal year ends. A temporary tax bill can affect their investment decisions.

Taxes can be confusing for a small business owner. They often rely on a tax lawyer to clarify the complicated tax code. In order to take full advantage of available tax breaks, the business owner can meet with a tax attorney to list their options.