So what? The fiscal cliff...

[Oh Shoot]

If they don't patch the AMT April is gonna hurt a lot of people. Look it up. Around 100 million people will be paying an additional 10% in taxes.

Won't affect anything for rates for 2012 -- the only way it can affect it is the computer mess the IRS may well have (see mcurrier's post).

Would affect estimated tax, quarterlies, etc for 2013 right away, but nobody will pay a higher tax for this year regardless of what gets enacted or not.

- OS

 

EDIT: Sorry, Daniel, you seem to be right. Mea culpa for opening my yap -- seems the Alternative Minimum Tax thing expired during 2012, not like regular tax rates which occur 1st of the year.

 

Oh "always ready to be wrong" Shoot

Edited December 28, 2012 by Oh Shoot

[Guest TNSovereignty]

The real fiscal cliff was in the 70s, when we uncoupled our dollars from gold to finance the welfare state.  Or it could be argued that the Jeckyl Island meeting of 1910, or the beginning of The Fed in 1913 - they were the 'fiscal cliff'.  Whatever our government does now & into 2013 is NOT the fiscal cliff ... now it's just a matter of our velocity enroute financial destruction.  The Democrats want to build a rocket to take us there ... Republicans propose arriving in a sports car.  

 

Now we're just reaping the whirlwind.  Good input from quite a few folks on how to preserve what wealth we have remaining.  

[E4 No More]

Won't affect anything for rates for 2012 -- the only way it can affect it is the computer mess the IRS may well have (see mcurrier's post).

Would affect estimated tax, quarterlies, etc for 2013 right away, but nobody will pay a higher tax for this year regardless of what gets enacted or not.

- OS

You mean it won't affect the AMT for 2012?

[Oh Shoot]

You mean it won't affect the AMT for 2012?

 

Looks like I must stand corrected, seems the Alternative Minimum Tax thing for 2012 had already expired, unlike the normal tax rate schedules which expire 1st of the year.

 

So, mea culpa, I seem to be dead wrong. (first post amended).

 

Though I think they'll fix it, along with extending the "Bush Tax Cuts" by early in the year to be retroactive, for most folks anyway, only question is the cutoff point on "the rich".

 

- Oh "always ready to be wrong" Shoot

Edited December 28, 2012 by Oh Shoot

[mcurrier]

I stopped caring what this guy does a while back, anyway. He is just on a collision course.

Yup.  Collision has been sounded and many are prepared.  Many are not.  To each their own.

[mcurrier]

You mean it won't affect the AMT for 2012?

 

 

Cliff could affect tax filing

http://www.gopusa.com/news/2012/12/27/cliff-could-affect-tax-filing/

 

 

 

Tax professional: Expect to file later, pay more, see refund delayed

http://www.bizjournals.com/atlanta/morning_call/2012/12/tax-professional-expect-to-file.html

 

"That's because the Alternative Minimum Tax, or AMT, usually affects just a few. But this year the Tax Policy Center says it could raise the tax bill for more than 30 million Americans by $888 to $3,800, WXIA reports"

[E4 No More]

Cliff could affect tax filing
http://www.gopusa.com/news/2012/12/27/cliff-could-affect-tax-filing/
 
 
  Tax professional: Expect to file later, pay more, see refund delayed
http://www.bizjournals.com/atlanta/morning_call/2012/12/tax-professional-expect-to-file.html
 
"That's because the Alternative Minimum Tax, or AMT, usually affects just a few. But this year the Tax Policy Center says it could raise the tax bill for more than 30 million Americans by $888 to $3,800, WXIA reports"

I guess finding deductions will become a new pasttime for me!

[mcurrier]

I guess finding deductions will become a new pasttime for me!

Until they outlaw those!

 

Interestingly, these liberals who are always whining about people not paying enough in taxes, most of them seem to have accountants to prepare their returns.  You don't need an accountant for filling out the 1040-EZ form, so I guess these hypocrites are taking every deduction that they can legally get, just like the rest of us.

[Oh Shoot]

I guess finding deductions will become a new pasttime for me!

 

Well, nuking deductions is the purpose of the AMT. If you have certain income level/types of deductions (dunno the details) your deductions can't let you pay lower tax than the AMT.

 

- OS

Edited December 28, 2012 by Oh Shoot

[Guest 6.8 AR]

I'll bet you there will be a lot of Chapter 13's in 2013. Kinda catchy, 13's in 13. :D

[Moped]

No vote in the House on the Fiscal Cliff tonight according to the news.

http://www.cnn.com/2012/12/31/politics/fiscal-cliff/index.html?hpt=hp_t1

 

Personally, I hope they do nothing.  First of all, I wasn't for the Bush Tax Plan anyway.  I thought we would have been better off to pay the national debt down and cut Government spending.  Instead, he gave us back some of our taxes and VASTLY INCREASED Government spending, while starting to erode our Constitution and Personal Freedoms.  Obama simply carried all of it on.

 

If we go over the Cliff, we might actually get to see the Government cut actually spending, while paying down the national debt... I know it's a pipe dream.  No way any politician in Washington is going to do either.  But I can still dream about it, can't I? :(

[R_Bert]

They did worse than nothing -

 

http://www.breitbart.com/Big-Government/2012/12/31/Fiscal-cliff-deal-41-1-in-tax-increases-to-spending-cuts-ratio

[Glenn]

It appears that some of the spending cuts will come by making social security "Need" based, which turns it into another welfare vote buying program. You paid in but we don't think you need it so you don't get anything back. Just when I thought my opinion of the federal gov couldn't get any lower, they find a way.

[Guest 6.8 AR]

About the only cuts will be defense cuts. Sent from my iPhone using Tapatalk

[RobertY]

Did I just get a 2% pay cut (higher taxes) while politicians (congress) got a 3% pay hike?

[highshot]

Did I just get a 2% pay cut (higher taxes) while politicians (congress) got a 3% pay hike?

 

Yes you did.

[gregintenn]

Did I just get a 2% pay cut (higher taxes) while politicians (congress) got a 3% pay hike?

Yeah, but soon you won't have to worry about keeping all those guns clean and fed with ammo, so you'll actually come out ahead.