As 2009 draws to a close, taxpayers may be growing anxious about what to expect in 2010 in terms of tax policy changes. With the current economy still dragging its feet, it is highly likely that tax raises are on the horizon–especially if the health care bill passes.
My associate, Brian Compton (tax expert and president of Tax Resolution Services) was recently interviewed by CNBC for their article on “Death-Health Care Reform-and Taxes“, spoke about the changing climate of the IRS in response to our government’s staggering deficit and weak economic situation. Compton warns taxpayers to be prepared for tax hikes that will be necessary to fund the health care reform. Compton also predicts that many things are going to change in 2010, including a need to raise taxes in order to cope with a crushing deficit and a probable double-dip recession. He is confident that taxes will be part of the discussion to resolve these issues.
Among some changes we can expect to see in the near future are: (CNBC)
* A 5.4-percent surtax on incomes above $500,000 (including capital gains and dividends).
* A 40-percent excise tax on health coverage in excess of $8,500 (for individuals) $23,000(for families).
* Taxes for most wage earners on all health insurance plans, brand-name drugs and biologics, and medical devices.
Furthermore, taxpayers are advised to watch out for tax changes on the state and local level and other tax policies such as the Alternative Minimum Tax or AMT. Analysts expect that more people could be hit with it next year. CNBC reports that “Exemption levels for those filing jointly could drop from $70,950 in 2008 to $45,000 in 2010. For single filers, the level would drop to $35,750 from $46,700.”
The bottom line is, the worst part may not be over yet. Taxpayers who are in IRS trouble now must be proactive about resolving their tax problems before they get mired in deeper trouble with these possible tax hikes. With the government desperate for revenue, the IRS collection efforts are bound to become stricter and more aggressive.
Make sure that you are well-armed against harsh IRS penalties by getting professional tax help on your side. Expert tax attorneys and tax resolution specialists can make a significant difference in the ultimate severity of your IRS penalties. Don’t gamble with your financial future–secure it now with expert tax help!
Check out my past blog about how even though income tax rates are not to increase until 2011, the IRS audit rate will go up in the near future.
Read more about what you can expect in tax changes for 2010 and 2011.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help: Nation’s Leading Tax Relief Expert Shares Tips on How Small Businesses Can Avoid IRS Audits
- Don’t Miss Tax Help Tips on Bankruptcy From Nation’s Leading Tax Expert Brian Compton on the Big Biz Show-Thursday, March 18th at 1:40pm PST
- Tax Help Tips: Tax Deductions You Should Not Forget to Claim-Thursday, April 1st at 1:40pm PST