Wow I Can't Believe How Many People Make Over $250,000 A Year. I hope you have a tax guy do your taxes. First, payments for the owners insurance and medical deduction are a percentage of his income. If your net was 100,000 you would have to show you paid around 12,000.00 in mediacl expences, other wise you get the regular deduction. Business write off's help but they work a lot more hours than 40 a week with no extra pay, have to deal with employees that don't understand why they have to work, they showed up isn't that enough. Retirement is like everyone else's the money you but it is tax deferred.
FAQ on Bush tax cuts: What you need to know - Sep. 15, 2010. By Jeanne Sahadi, senior writerSeptember 15, 2010: 6:13 PM ET NEW YORK (CNNMoney.com) -- There probably aren't enough earbuds to go around to block out the confusing noise emanating from Washington over the expiring Bush tax cuts. While we can't quiet the partisan shouting, we'll try to offer clarity on just what it is they're debating. To start, here are answers to some basic questions about the Bush tax cuts. What happens on Jan. 1 if Congress does nothing? Everyone's federal income and investment tax rates will go back up to where they were before the 2001 tax cuts were passed. In other words, your tax bill next year would increase. If the tax cuts do expire and tax rates go up, you may notice the difference in your wallet as early as January, when your employer starts to withhold more taxes from your paycheck.
What's the economic argument for extending the tax cuts? If the tax cuts are extended, however, taxpayers won't really notice any change in their bottom line. So what's gonna happen? Bush tax cuts 101: What changes could be in store for taxpayers? This fall, Congress will face a thorny political and economic issue: whether to extend the so-called Bush tax cuts. Skip to next paragraph Chart: What it costs to keep tax cuts in place Rich Clabaugh/Staff Subscribe Today to the Monitor Click Here for your FREE 30 DAYS ofThe Christian Science MonitorWeekly Digital Edition When Congress passed the tax relief act in 2001, the US Treasury had a surplus, which economists predicted would grow to $5.6 trillion 10 years down the road. On Sunday on the CBS show "Face the Nation," House Republican leader John Boehner of Ohio said he was still in favor of not raising taxes for all Americans. However, Don Stewart, a spokesman for Senate Republican leader Mitch McConnell of Kentucky, said there are no Republicans in the Senate who support the partial tax cut extension, the Associated Press reported on Monday.
Unless Congress acts, almost all the tax cuts or credits, which were enacted in 2001 and 2003, expire at the end of this year.