Siesta Key, FL (PRWEB) June 19, 2012
Bush tax cuts disappear and the Obama Tax Plan kicks into full gear on January 1st, 2013. If successful Americans are going to survive they had better take advantage of every tax tactic they can get. Attorney, Lee R. Phillips, offers a number of tax tactics in his new Ten Tax Tips analysis.
“Middle class Americans will be shocked when they find out what the Obama tax plan has in store for them,” according to Mr. Phillips. He points out that there is a “perfect storm” brewing that will strike after the election on January 1st 2013.
The Bush tax cuts will expire. Obamacare with all of its taxes kicks into full swing. The payroll tax holiday ends, and all of the taxes put in place when congress raised the debt ceiling all begin at the first of the year.
“These taxes are all aimed squarely at the middle class,” Phillips says. “The IRS is now the major threat to a successful American’s financial future,” he points out.
The Tax Policy Center reported recently that the average American household would get hit in 2013 with an additional $3,000 in taxes just because the Bush tax cuts will expire. That’s not just the rich. That’s the average American family.
Phillips insists that the cost of the Obama tax plan will be much more painful for the average American family, but the Tax Policy Center estimate doesn’t take into account Obamacare costs, including increased insurance and medical costs, plus the other tax increases that are coming.
“The financial success or failure of many Americans will rest on their knowledge of the tax laws, not on how hard they work,” Phillips states. “Just knowing a few extra tax tricks can make a huge difference.”
“CPAs and other professional tend not to really help much in tax planning. They basically just plug in the numbers a client supplies them with,” Jonathan Cavender, another attorney, says.
He explains that professionals, such as accountants, are reluctant to share tips of the trade with clients, because if anything goes wrong, the professional can end up being held liable. Professionals today just plug in the numbers, he said.
“It’s up to the client to generate the numbers that the CPA uses in preparing the client’s tax return. That’s something that has to be done day by day all year long.” Phillips says.
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