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Tax increases make year-end planning important for upper-income households
A year ago, it was difficult for taxpayers to do last-minute tax planning because of uncertainty surrounding expiring tax breaks from the Bush era. Lawmakers were at loggerheads on which, if any, deductions and credits to keep and whether to let tax rates rise. This year, uncertainty isn’t a problem. The American Taxpayer Relief Act, signed into law in January, has left taxes much the same for households with incomes of less than $250,000. And for those with income above that, the tax landscape is clear, too: They will owe Uncle Sam more. Read more…
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