|Income Tax Service||
We are faced with a hodge-podge of expiring items, items that require statutory change by Congress, and lots of devastating implications as a result of their inaction.
I can almost guaranteed that you will be affected by one of more of these items when you file your 2012 tax return UNLESS the Congress acts quickly. You will be hearing about many of these on the news right up til the Christmas break.
Here is the current 2012 status: Click on this link 2012 Tax Law Changes Newsletter Addendum for full details.
It is absolutely imperative that Congress take action to adjust the Alternative Minimum Tax brackets. This action is required annually, and they just let it slide again until the last minute. (See the paragraph about the AMT in the addendum linked above). About three years ago they did the same thing and it actually delayed filing of certain returns for nearly 2 months.
Now, none of the items in the addendum refer to the current "fiscal cliff" issues the media is quoting our leaders on. Those items don't come into effect until 2013 or beyond. They are even more potentially devastating to you and your finances.