Did the late night session on the last day of the year make things better or not? If you are one of the 98% of taxpayers that will not see income tax rates return to pre Bush tax rates you may think so, but what it means the economy and just what if anything will be done about the deficit remains to be seen. When we know is it will cost more to be married than single tax wise. Some deductions come back but, not only tax payers with more than $400,000 will see tax increases. Back with this tax act are reductions in itemized deductions and exemptions for tax payers with income greater than $300,000 if they are single and more than $350,000 if married.
Take a look at the Highlights of the 2012 Taxpayer Relief Act on our Just Released page and let us know when you think this will mean to you and your family.