2 minutes read
Democrats were pushing to extend Bush’s Tax Cuts for those taxpayers who make an amount equal to or less than $250,000 for married or $200,000 for single. However, Republicans were looking to extend the tax cuts for all income levels, keeping the original tax cuts in place.
2 minutes read
Taxpayers are waiting on pins and needles for the important decisions regarding income tax cuts or increases to be made by Congress. Will Bush’s tax cuts be extended or should taxpayers expect a surprise come tax time? Congress reconvenes on November 15th and hopefully we can get some answers quickly. Every year we wait for a patch to be issued that will apply inflation rates to the tax laws regarding Alternative Minimum Tax (AMT).
1 minute read
There is a lot of uncertainty pertaining to tax rates and cuts to previous provisions this year. Specifically the Estate Tax, Alternative Minimum Tax, Investment Taxes and Income Tax Rates in general are in question. There is a good possibility that Congress will cut out previous provisions which will cause an increase for the upper 2% of tax payers.