Monthly Archives: January 2013
It’s that time of the year again! People need to start thinking about their taxes. Wednesday, January 30th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22nd, but the fiscal cliff debate pushed the start date back. Everyone needs to start organizing and preparing to file their taxes. Generally, you can expect your refund three weeks after the IRS receives your return. Last year, over 110 million taxpaying citizens received an average refund of $2,803 each. However, there are certain taxpayers who will need to wait to file. Those taxpayers who … Click to Read More
In January 2013 people opening their first paycheck of the year may be in for a surprise. Their paycheck will be less money than usual. This is due to a bill that congress let expire during the fiscal cliff fallout. Two years ago a temporary cut in Social Security withholdings gave American workers hundreds of additional dollars to spend. However, now taxes have gone back to 6.2% of the salary as compared to the temporary cut of 4.2%. Many are wondering if this pay cut could prevent economic growth or is it just a temporary setback? Companies may notice that … Click to Read More
Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which sent the measure to Obama for his signature. The bill is known as the “largest tax cut in American history.” It will protect millions of middle class taxpayers from tax increases were set to effect in January. Though it will also let rates increase on … Click to Read More