I'm not thinking the accelerated tax rate reductions would have a huge impact. They always like to say it's an economic stimulus package because they want to give the illusion that the economy is recovering that people will have more money. But it's only a small drop in the tax rates and I don't think in the grand scheme of things most taxpayers are really going to notice it.
More Quotes from Cindy Hockenberry:
It's pretty common for people not to consider all the things they can deduct. They don't realize that maybe they have a vacation home and they don't take the interest because they think they can't.Cindy Hockenberry
More and more people are going to fall into the alternative minimum tax trap unbeknownst to them until they get the nice letter from the IRS that says it appears you are subject to AMT.
Cindy Hockenberry
That's the sweet spot. Then you know you had your money all throughout the year and weren't giving Uncle Sam an interest-free loan.
Cindy Hockenberry
For this year there's not a lot than anyone needs to worry about.
Cindy Hockenberry
They basically just got rid of the flat definition which said a foster child is any child you care for as your own and cared for the entire year. In a way, a lot more people could qualify for the Earned Income Credit than did before.
Cindy Hockenberry
The first thing you should do is to not panic. Sometimes they are just looking for a very specific thing, and if you give them what they are looking for it's no big deal. Just give the IRS what it wants and do it as fast as you can. That way it'll be over fast.
Cindy Hockenberry
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