The most controversial piece of the revenue-boosting agreement is an across-the-board 2013 tax increase that raises rates for most American workers. In fact, only the country’s lowest-earning taxpayers are exempted from the hikes.
(PRWEB) December 06, 2012
Despite a nascent economic recovery, the last-minute federal budget agreement struck in the summer of 2011 will present a fresh batch of financial challenges come this January, including a collection of agreed-upon measures designed to boost revenue for the cash-strapped federal government.
Chad Fisher, CPA and expert contributor to Go Banking Rates explains, "The most controversial piece of the revenue-boosting agreement is an across-the-board 2013 tax increase that raises rates for most American workers. In fact, only the country’s lowest-earning taxpayers are exempted from the hikes."
While it’s possible that Congress may yet reach a deal to prevent this “fiscal cliff” scenario from unfolding, the two main parties have yet to compromise on certain tax-related issues before the calendar flips to 2013.
Because there are only three weeks left before the end of the year, Fisher provides Go Banking Rates readers with ten different options they can take to minimize potential losses:
1. Maximize IRA Contributions in 2013
2. Roll Over Existing IRA Now
3. Take Advantage of a Weak Market
4. Postpone Charitable Donations Until 2013
5. Take Profits in 2012
6. Start a Medical Emergency Fund
7. Start a College Savings Fund
8. Hold on to House
9. Move Somewhere Solvent
10. Buy Tax-Free Municipal Bonds
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