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Tax Tip: (December 2010) Individual Income Tax Pending the approval of the Senate and House, the Bush tax cuts will be extended for all taxpayers for two years. Also, the reduced capital gains and qualified dividend rates will be extended. We will send an update if/when this becomes official. Also, for 2011, the Social Security tax rate will be reduced by 2% to 4.2%. For a taxpayer earning $50,000, this will result in increased take home pay of $1,000 for the year. Again, this is still not official. Contact Us or call today: 303.232.8300 ............................................................................................................. Let Accounting & Tax Solutions, Inc. help you navigate through the many regulations and nuances of the tax laws, to ensure that you receive the expert advice of a licensed tax practitioner: Contact Form
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