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Tax Tips & News: congress

The Affordable Care Act Includes a Tax on Medical Devices. Is That a Bad Thing?

4 minutes read

What’s The Big Deal About The Medical Device Tax?

Were one to listen to the bipartisan rhetoric that has been whipped up in the House against the Affordable Care Act’s 2.3% excise tax on medical devices, it’s easy to see how a relatively small tax can be enough to scare a whole lot of people. Everything from the claims of company closures to the threat of over 43,000 American jobs being shipped overseas is being blamed on this tax, so finding the truth can take a bit of digging past the...

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IRS Answered Only 61% Of Calls In 2013

2 minutes read

IRS Did Not Answer 4 Out Of Every 10 Calls

In a recent report by National Taxpayer Advocate Nina Olsen, the IRS was only able to answer 61% of phone calls made by taxpayers to the agency. Just 10 years ago, the IRS was able to address 87% of calls.  The reasons cited were the increasing complexity of tax questions unable to be answered by automated systems as a result of the overall increasing complexity of the tax code.  This coupled with budget cuts to the agency resulted in nearly 4 out...

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Fiscal Cliff Or Not Workers Will Feel Immediate Pinch

2 minutes read

Less Money In Paychecks Regardless

Much has been debated about how long it will take for taxpayers to feel the affects of going over the Fiscal Cliff.  Yes, income tax rates could go up or down or popular deductions and credits limited or eliminated all together.  While these scenarios could take months or years to feel, the average worker is most likely going see less in their weekly paycheck as soon as the calendar flips to 2013.

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Congress Finally Passed a Tax Deal

2 minutes read

Congress was finally able to come to an agreement regarding the tax cuts that were set to expire at the end of this year.  They have passed a bill that will effect all income levels.   The bill will basically keep the Bush era tax cuts and allow for a few other tax saving provisions.  Lawmakers did not think it would be prudent to increase taxes in this economy and their plan is to give tax savings that will allow for economic growth.

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Congress is closing in on a deal to extend Bush’s Tax Cuts

2 minutes read

Democrats were pushing to extend Bush’s Tax Cuts for those taxpayers who make an amount equal to or less than $250,000 for married or $200,000 for single.  However, Republicans were looking to extend the tax cuts for all income levels, keeping the original tax cuts in place.

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Upcoming Changes Cause Tax Uncertainty

1 minute read

There is a lot of uncertainty pertaining to tax rates and cuts to previous provisions this year.  Specifically the  Estate Tax, Alternative Minimum Tax, Investment Taxes and Income Tax Rates in general are in question.  There is a good possibility that Congress will cut out previous provisions which will cause an increase for the upper 2% of tax payers.

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