Personal Finance News Wednesday 1/2

Phil's Personal Finance Tip of the Day:

5 Ways to Put Extra Cash in Your Pocket in 2013

By Sharon Epperson | CNBC 

Now that the President and Congress have reached a tax deal to avert the"fiscal cliff", many Americans are breathing a sigh of relief as most income tax rates will remain in place and certain benefits on which many Americans have depended have been extended or made permanent. Still, one major perk has gone away -- the payroll tax cut for most U.S. workers expired on December 31.

This year, workers will see a two percent increase -- from 4.2 percent to 6.2 percent - in their payroll taxes from 2012 levels. This amounts to a reduction in an annual income of $1,000 for the typical U.S. family earning $50,000 a year.

In addition, those workers who have been laid off in recent months or had work hours cut are certainly feeling a pinch. If you are among them -- or worried that you soon may be -- the start of the New Year is a great time to take the future of your financial situation into your own hands.

To read the entire article from Sharon Epperson | CNBC:
http://finance.yahoo.com/news/5-ways-put-extra-cash-130356903.html

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