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Over the last decade, dozens of tax acts have been passed, filled with hundreds of changes to the tax law. But this year alone, there have been nearly a dozen new tax acts.
Ironically, nearly all of the new laws that affect individuals like you and me expire at the end of 2010.
Sure, there are lots of new laws that affect businesses, providing credits, forcing health-care coverage, encouraging new hires, and both improving and confusing small-business bottom lines. But when it comes to working folks—or retired or unemployed folks—there’s not much in the tax law for 2011 that can be outlined. We’re waiting for Congress to act.
Here’s what your tax life will look like if Congress does nothing for 2011:
The outlook seems bleak, doesn’t it? Taxes will go up by between 13 percent and 36 percent, according to one analysis I’ve seen. Ouch!
Never fear. Your legislators will come through for you and find ways to reach some compromises. Expect some tax increases—but households with modest incomes won’t be hit hard.
Now the big question is: what is modest income?
Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com.
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