The IRS marks Earned Income Tax Awareness Day Friday. Given the value of the Earned Income Tax Credit, it is important to remind low-income families that it is a big reason why they should file a tax return, Maag writes.
Tens of millions of Americans will face a huge tax increase when they file their 2012 tax returns early next year from the expiration of the temporary increase in exemption levels under the alternative minimum tax, Toder writes.
With negotiations still appearing stalled, a growing chorus on the left and right has been suggesting that a so-called "cliff dive" wouldn't be so bad. Better than cutting a bad deal, anyway.
The health-care reform law, aka Obamacare, is poised to enter a crucial 12 months that includes setting up state exchanges, levying taxes on the wealthy, and preparing for the individual mandate.