From Passport IRA:
As President Obama sealed another four years last Tuesday, it became clear that you need a renewed sense of urgency about protecting your money.
There are many unknown risks arising from the uncertainty with regard to tax rates and the fiscal cliff. Congress will spend the next 51 days positioning and negotiating. Then it will only take about 12 hours to draft and pass an approximately 500 page tax program that will last us for the next year or two.
The likely outcome will not be significant reform, but just "kicking the can down the road" with any serious reform further delayed.
Some things are known. Obamacare and its host of new taxes will not be repealed. Adjustments are nowhere near the top priority.
Now that you know these won't be changed, you need to review your tax situation before the end of the year. Ideally, if you take action before December 1st, you can take advantage of some opportunities that may arise.
First, recognize the biggest changes are for people who...
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More on taxes:
The "fiscal cliff" could hit these families the hardest
Doc Eifrig: An important tax loophole is about to slam shut
Bond King Bill Gross: These coming tax increases could hammer your stocks