Income Tax Changes

[CTBburn]

I received this article earlier today. It describes the potential income tax changes for this next tax season. Its pretty interesting so I am sharing it with you


https://guidance.fidelity.com/stages/tax-changes-are-looming-sv-2

 

[ProfMoneyWise]

Good information and Fidelity is a good source.

I highly recommend to all to "run your numbers" at least at the mid-year point to ensure your withholding for both State and Federal is still on track as it pertains to the current tax year rates. Do not be surprised next April.

As for the 2011 season talked about in this article be prepared for changes in the coming year. No one is going to change your withholding for you. It is not HR's job, it is your job.

Remember, no one really cares more about your finances more than you. So please make this a priority.

(Previous post in the "PMW Says" thread a note about running your numbers to avoid having to much/little withheld from State or Federal)

 

[Bavarian]

With the expiration of the Bush tax cuts, TY2011 will be much worse than this year. So, take all your income you can this year when rates are lower. Arthur Laffer was on news today talking about financial collapse in U.S. next year because of the expiration of Bush Tax cuts. They are across the board and if they were proposed to be implemented rater then letting them slip in, there would be a big hue and cry.