Ohio accountants say new tax laws having little impact on clients
Congressional action at the start of 2013 to avert the so-called "fiscal cliff" has raised questions and created some confusion for taxpayers, but it hasn't sent many of these folks over the edge.
The legislation increased exemption amounts for 2012 to $50,600 for individuals and $78,750 for those who are married and filing jointly. Also with the AMT now being indexed, it ensures that middle class taxpayers won't be hit by the tax unless their income rises at a faster pace than inflation.
The next looming financial crisis for Congress is Friday's deadline for over $85 billion in automatic spending cuts, known in Washington as a "sequester." But at this point, how the fiscal cliff saga altered America's tax landscape seems to be a fading memory, Granito said.
"You don't hear so much about it anymore, and I'm not getting as many phone calls about it," he said.
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Copyright 2013 - The News-Herald, Willoughby, Ohio
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