New tax laws. Anything for writers?

January 7th, 2011 → 10:33 pm @ Carol

Congress was busy in 2010 introducing a lot of new tax legislation.

Anything for writers?

I’m happy to report some good news.

All workers and self-employed business owners, such as freelance writers, will get a 2% raise thanks to our Uncle Sam for 2011.

Congress decided to stimulate the economy by getting Americans to spend more money. They have done it before with checks in the mail, but this year they will do it by reducing the Social Security tax from 6.2% to 4.2%, but only for 2011.

The bill is called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, just in case you wanted to write a thank you note to your Uncle Sam.

Self-employed business owners will see the reduction when they pay their self-employment taxes either quarterly or at the end of 2011 on their tax return.

Now get out there and help the economy!

Carol Topp, CPA

P.S. I’ll be talking about taxes for writers on the Information in a Nutshell on-line radio show

Tune in live on Monday , January 17 at 3:30 pm EST at this link:

https://www.blogtalkradio.com/informationinanutshell