Learn more about home based business tax deductions

September 3rd, 2010 by admin

The most sweeping tax cuts in a generation are due to expire in January, and that’s setting up a showdown when lawmakers return from their summer vacations this month. By waiting to act on the tax cuts until just before congressional elections in November, Democratic leaders have raised the stakes, politically and for taxpayers.

If Congress fails to act — a possibility given the gridlock that has gripped the Senate — workers at every income level would face significant tax increases next year.

Taxpayers making between $40,000 and $50,000 a year would get hit with an average income tax increase of $923 next year. Those making between $50,000 and $75,000 would face an average increase of $1,126, according to estimates by the nonpartisan Joint Committee on Taxation.

Be sure to start now to learn about home based business tax deductions

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