Tax troubles loom as fiscal cliff approaches

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

Many taxpayers could see higher taxes and delayed returns if the fiscal cliff is not averted.

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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