'Fiscal Cliff' Deal Means News Rules for Taxpayers

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b2ap3_thumbnail_tax_pic.jpgAt the end of 2012, Americans waited to see how President Barack Obama and Congress would keep the country from falling over the so-called “fiscal cliff.” The resulting legislation — The American Taxpayer Relief Act — passed Jan. 1. President Obama signed the American Taxpayer Relief Act into law Jan. 2.

As part of the deal lawmakers agreed on, employees will see a 2 percent increase in the Social Security payroll tax. The increase will show up in the first paycheck of 2013. Taxpayers will also begin filing later this year as a result of the American Taxpayer Relief Act. The IRS announced that filing season won’t begin until Jan. 30.

Visit the links below for more information.

http://en.wikipedia.org/wiki/American_Taxpayer_Relief_Act_of_2012

http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers

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