Wednesday, May 30, 2012

End of Bush Cuts Means Higher Taxes

I hadn't paid much attention to all the ballyhoo over Bush's tax cuts. I assumed it was just more of the class warfare we've seen so much of lately. They're scheduled to end at the end of this year.

Turns out, when those tax cuts expire, everyone's taxes are likely to go up. No more 10% tax bracket. The lowest will be 15%. I'm wondering how I'll fare? My income taxes already more than doubled this last year so this could be a big problem for me.

More on what's expiring and what's not from Yahoo News.


At 12:15 PM, Anonymous Anonymous said...

Hire a good accountant Fred. There is loopholes for just about anything these days. I always get a fat return each year.

At 12:46 PM, Blogger Fred Mangels said...

I have an accountant. She's the one that figured my taxes had more than doubled. Something about some deduction we couldn't take advantage of anymore, I believe.

At 10:37 AM, Anonymous Anonymous said...

Better hire a better accountant Fred

At 1:14 PM, Blogger Fred Mangels said...

I have an accountant.

At 1:30 PM, Anonymous Anonymous said...


I believe you are self-employed, right?

Well, your biggest tax is more than likely income tax but self-employment taxes - soc security and medicare.

When you are self employed you end up paying both the employee and employer share on your income tax return.

10:37, hiring a "better accountant" is silly - If Fred makes what he makes, and his return is a relatively noncomplex one, there aren't really too many ways one can change their tax liability, other than making retirement contributions.

At 1:31 PM, Anonymous Anonymous said...

oops - I meant "more than likely NOT income tax but self-emploment taxes"

At 9:42 AM, Anonymous Anonymous said...

This past year, I wrote off my mortgage interest, my medical payments, stock market losses, vacations (just claim its for "work research") rental unit improvements


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