According to a recent article by the Associated Press, while the tax package that Congress passed New Year’s Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013. That’s because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax...
Tags: fiscal cliffpayroll tax holiday
Category: Taxes
According to CNN, there could stilll be a fiscal cliff deal made by the end of the year. However, given how things have unraveled in Washington last week, there’s also a chance the country could go over the cliff, at least for a period of time. It seems that if decisions are not made soon, many taxpayers will be affected...
Tags: fiscal cliff
Category: Taxes
I thought you might find this quick listing of selected expired/expiring tax provisions useful. As you know, Congress could pass legislation at any time extending or revising any or all of these provisions. * SOCIAL SECURITY TAXES. Employee’s share will increase to 6.2% after 2012, up from 4.2%. * INCOME TAX RATES. 2012 rates of 10%, 15%, 25%, 28%, 33%,...
Tags: expiring tax provisionsfiscal cliff
Category: Taxes