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Avoiding the Fiscal Cliff – Tax Update

Continuing past trends, Congress and the House took us all to the very edge of the Fiscal Cliff, but finally passed legislation to avoid the majority of the damage that would have been caused by going over.

The final bill is very similar to the summary we provided just before the holidays. For most of you, the changes will be modest compared with recent years, but tremendous relative to what would have occurred if nothing was done. There are some significant tax increases for high-income earners, but they, too, pale in comparison to what would have occurred if we took the plunge.

The areas that will most significantly impact you as individual taxpayers are as follows: (more…)