Tax troubles loom as fiscal cliff approaches

Many taxpayers could see higher taxes and delayed returns if the fiscal cliff is not averted. (12/24/12)

WOODBURY - With only days until the “fiscal cliff” rears its head, many taxpayers may get a rude awakening in 2013 if Congress is unable to avert the effects of tax rate increases and spending cuts.

If Congress fails to act, taxes will return to Clinton-era rates. Adding insult to injury, the IRS says that it won’t be able to file returns until late March, delaying tax refunds.

Higher income taxpayers, including many making over $100,000 a year, will be subject to the Alternative Minimum Tax.

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