There has been so much talk about tax increases over the few days you would have to be on Mars not to hear about all the news about the fiscal cliff. If you were wondering what the outcome is here are a few things that you need to know about the deal that was passed to avoid the fiscal cliff.
1. Unemployment Has been continued for the Next Year, so check with your local agency for further details.
2. Income Taxes are going up for those who make $400,000 ($450,000 if you are married), from 35% – 39.6%.
3. For people who in that same $400,00 or higher bracket, your capital gains taxes are going from $15%-20%. Everyone who falls below that, your taxes will stay the same.
4. Elementary and secondary education teachers can still deduct certain expenses, like they were able to last year.
5. This bil also reinstates limitations on the number of itemized deductions and personal expenses that households that make $250,000 ($300,000 if you are married) or higher can take.
If you want more details check out the article below…. http://money.cnn.com/2013/01/01/news/economy/fiscal-cliff-senate-bill/index.html?hpt=hp_t1