Wasacz & Skvoretz LTD

Welcome

Wasacz & Skvoretz LTD has been serving clients in Northeast Ohio for over 14 years from our Middleburg Heights offices. Our performance has earned us the respect and trust of clients and it continues to drive our business spirit to deliver insightful information to help businesses succeed and families prosper.

Wasacz & Skvoretz LTD is active in all aspects of strategic and operational consulting and implementation. Special areas of emphasis include accounting, assurance, tax planning, business valuation and succession planning.

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Tax News

Mileage Rates for 2012

The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

55.5 cents per mile for business miles driven (same)
23 cents per mile driven for medical or moving purposes (change)
14 cents per mile driven in service of charitable organizations (same)

Payroll Tax Cut Extended for 2012

On February 22, 2012, the Temporary Payroll Tax Cut Continuation Act of 2011 was permanently extended for all of 2012. This extends the two percentage point payroll tax cut for employees, continuing the reduction of their social security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through December 31, 2012. This reduced social security withholding will have no effect on employees’ future social security benefits.

As part of the legislation, the recapture provision, passed with the original legislation in December, will be repealed.

Unemployment Benefits

In addition, the legislation signed by President Obama on February 22, 2012 reduces the number of weeks an individual may receive unemployment benefits from 99 weeks to 73 weeks for those living in states with an unemployment rate higher than the 8.3% national average.

For those in states with an unemployment rate under the national average, the number of weeks an individual may receive unemployment benefits will be reduced to as low as 40 weeks in some states. The legislation also includes a provision which allows states to drug-test unemployment beneficiaries, as well as a provision to prevent reductions in Medicare reimbursements for doctors.

If you have any questions, please feel free to contact us at (440) 239-1911.

Tax Organizers Available!

Click here for more info on downloading a blank organizer to help you gather your tax information.

Questions?

We are here to answer your questions about your unique tax, estate or financial situation. Let us know how we can help!

Affiliate Relationship

We have an affiliate relationship with Intuit, the makers of QuickBooks.

Please feel free to contact us if you need assistance with any of the tax laws!

We'd be happy to help you figure out how the changes apply to your unique situation.