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In Episode 7, for Federal tax I discuss the tax updates involving the social security payroll tax, the new updated 401(k) contribution limits, Foreign Account Tax Compliance Act (FATCA) and (FABR) the Romney Plan for limiting Schedule A deductions a UN Global internet tax in addition to the other taxes the UN is proposing.

For States, I discuss Connecticut and the Scholastic Tax Nexus ruling, in addition to the KY Amnesty, and NJ Business Voluntary Disclosure programs.

For the discussion portion of the program, I discuss the American Opportunity Educational Tax Credit and how unless Congress and the President extend the credit, the credit will end on December 31, 2012.

To send me feedback on the show or to ask a tax question, send me an email to feedback@yourtaxteacher.com.

 

My website is http://www.yourtaxteacher.com.

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