Yesterday I talked a little about the presidents new jobs creation plan. Today there was an article in the Wall Street Journal that warns what will happen to taxes in 2013 if the plan is passes as is. Here is the link:http://online.wsj.com/article/SB10001424053111904353504576567460396287134.htmlIf this gets passed, enjoy the next 13 months, cause after that it looks like the economy may junp off a cliff.
Brian’s Tax Musings
In his speech last week, the president outlined several changes in income taxes for 2012 on – called the American Jobs Act = that will raise taxes for some (over $200,000 in AGI for singles, over $250,000 for married joint filers – haven’t we heard this before?) and lower payroll taxes and give tax credits to others. Here is a link to an article about the proposed changes:http://taxes.about.com/od/deductionscredits/a/American-Jobs-Act.htmIt will be a tough fight through Congress to get this passed as is. I will keep you posted on new developments.
Brian’s Tax Musings
If you haven’t filed your 2010 personal income taxes yet, this is your 30 day letter (even though I am not the IRS). Assuming you or your tax preparer filed form 4868 (extension to file individal income taxes) you have until October 15 (actually October 17 because the 15th is a Saturday) to get everything filed. If you file after the extension date and you owe taxes, the penalty changes from half of a percent a month (late payment penalty) to 5% a month (late filing), so don’t do it. At least file the return even if you can’t pay the tax and ask for an installment agreement to make monthly payments on the tax due.