Phil's Personal Finance Tip of the Day:
14 tax issues to watch after the election
By Bill Bischoff/MarketWatch
Bischoff: These personal tax matters could see changes in 2013,
depending on who wins the White House.
Whatever happens in the election on Nov. 6, the next Congress and president will face a heaping helping of unfinished tax business. Here’s the second part of our two-part story on the most important unresolved personal tax issues — along with some fearless predictions.
Child Tax Credit
Starting next year, the maximum credit for each eligible under-age-17 child is scheduled to drop from the current $1,000 to only $500.
Prediction: The current deal will be extended through at least 2013.
Legislation enacted in previous years increased the earned-income credit for families with three or more qualifying children and allowed married joint-filing couples to earn more without having their credits reduced. These changes, which help lower-income families, are scheduled to expire at year-end.
Prediction: The current more-generous rules will be extended through at least 2013.
To read the entire article from Bill Bischoff/MarketWatch:
http://www.marketwatch.com/story/14-tax-issues-to-watch-after-the-election-2012-11-01?pagenumber=1
Inspirational Quotes@Inspire_Us from Twitter:
Before you can win, you have to believe you are worthy. -Mike Ditka
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