Income Tax Changes Ahead (Finance)

Middle class folks oughta take a look at changes to the personal income tax on the horizon, . . . the near horizon, like 2012 and 2013. Some maybe oughta even consider increasing their withholding next year to avoid unexpected penalties.

Income Tax Benefits Set to Expire

DonDiego - lookin' out for the little guy.

Damn DD that looks so "rosy"

I think I am going to make a move on the "Reinvestment Act of 2009 Section 179" and us my total depreciation to get a new "rig"! Better move while I can on this, as it is to expire this year also.

Many called it the "Dr. Credit" so they could still purchase big SUV's and get the full depreciation in one year.

Someone has to pay for the 2000 mile Berlin Wall we will be building per spec from some of our perspective candidates.

Or Obama's campaigning instead of governing a entire year ahead of the election!!!!!!!!

These many travels he has taken don't happen for FREE

So the state and local sales tax deduction is gone for 2011? that sucks ass. Since we don't have a state income tax here, I have totally been using that one since it has been available.

DonDiego is glad to have educated someone about her increased tax liability. That is the only reason he posted this link. To inform folks and permit them to make decisions based upon information which might be new to them.

DonDiego himself is likely to do a few things to avoid some of these additional taxes, . . . like taking some capital-gains sooner than he would have otherwise.

Whether the Federal Government is spending money on a fence to inhibit potential Southern interlopers or on domestic travel of the US Chief Executive Officer doesn't matter. What matters is that it is spending more than it's got; and there's only two sources for funds - taxes and borrowing.
If DonDiego can assist one reader by informing him of imminent increased demands on his income, that's all it takes to make him happy.
The increased borrowing is a potentially devastating long-term problem, . . . if/when interest rates rise; but that's not why DonDiego posted this alert.

Many of these credits and the AMT relief have been scheduled several times to expire and Congress passed extender bills.