Written By Sherwood Kohn
At this writing, it is too soon to tell exactly what Congress and the Internal Revenue Service will change in the current tax laws, but, according to Donald Hull, of Hull Company Accountants, Inc., of Westminster, and his senior accountant, Carolyn Dutterer, experts in tax preparation, tax rates are likely to go up; the capital gains rate will probably expire with 2012, doubling the tax on dividends; there will probably be a surtax in 2013, and it is likely that independent contractors will not be able to file a 1099 form before March 15.
In addition, said Hull and Dutterer, here are a few tax facts you ought to be aware of:
- Although you may file your tax return on time and are expecting a refund, know that the reimbursement will probably be slow this year; 10 percent of filers will not get their refunds in 21 days.
