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B-U Chamber hears tax hints

February 20, 2013
By John Wickline - Upshur Bureau Chief , The Inter-Mountain

Don Nestor told the Buckhannon-Upshur Chamber of Commerce on Monday there have been few changes for taxpayers in the past year, but warned that may change with automatic budget looming on the horizon.

Nestor, of Arnett, Foster and Toothman CPAs and Advisors, said, "You can't tell what's going to be decided. It's like (Congress) is playing chicken to see who is going to turn the wheel first."

He admitted to being surprised that the 2 percent Social Security rollback of the past two years wasn't renewed by Congress for this year.

Article Photos

The Inter-Mountain photo by John Wickline
Don Nestor, of the accounting firm Arnett, Foster and Toothman, displays a paper containing helpful tax hints during Monday’s meeting of the Buckhannon-Upshur Chamber of Commerce.

"All of a sudden, everybody's paycheck went down by 2 percent," he said. "That affects everybody."

Most of the tax changes, he said, affect the upper income earners, mostly those making over $450,000 annually. He said those wage earners will see their income taxed at a rate around 39 percent, and they also could be subjected to a 3.8 percent Medicaid Supplement tax.

"While it doesn't affect us, it does affect those who make decisions," Nestor said, adding that it could influence how the business operates and how that would ultimately affect a company's employees.

Nestor also said if the automatic budget cuts kick in at the federal level, then all previously discussed tax hikes "are back on the table."

In other matters, Chamber of Commerce President Sam Nolte said the organization is expecting to move into its new Main Street location in the next two months. He said the move should be completed in time for the annual West Virginia Strawberry Festival.

Nolte said the Chamber board of directors has discussed selling its current home to the Buckhannon Post 7 of the American Legion.

 
 

 

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