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Article:

Make Expiring Tax Cuts Work for You

Know What Changes Are Coming in 2013 & How You'll Be Affected

Other Changes

What's going on: An assortment of other tax rules are also slated to change at the end of 2012. A provision put in place to fix the so-called "marriage penalty" -- the higher tax bill faced by some married couples in which both partners earn approximately the same amount -- could expire at the end of the year. The child tax credit, currently a maximum of $1,000 per child, is set to drop to $500 next year. And the American Opportunity Tax Credit, which expanded the availability of tuition and education tax benefits, is also scheduled to expire.

How you can prepare: You can't.  But you can call your Congressmen and Senators and tell them what you think. 

 

  • Sarah Shemkus

    Sarah Shemkus is an award-winning freelance journalist, marketing enthusiast, accomplished baker, occasional globetrotter and total nerd (with a particular fondness for spreadsheets). Most recently, she reported on business and real estate … Read more...