Encino, CA (PressExposure) August 07, 2009 -- One of the targets of the Obama administrations impending tax hikes are high income earners. Obamaâs biggest tax hike will affect married filers making over $250,000 and singles making more than $200,000. In a nutshell, the administration is swapping out 36% and 39.6% tax rates for the current 33% and 35% tax brackets.
A couple of other changes the high incomer should expect will be a bigger hit to capital gains and dividends and continued phaseouts of personal exemptions and itemized deductions.
The new tax hikes will also impact businesses.Â Since small businesses and sole proprietors are the largest contributors to the national tax gap, they are likely targets for revenue to help reduce the federal deficit.
Some of the tax hikes will come in the form of higher SECA taxes for owners of S firms and partnerships. And with new restrictions on worker classifications, businesses will no longer be able to treat employees as contractors to save money. Additionally, there will also be an elimination of certain tax breaks for big corporations.
So the bottom line is, get your own house in order now. If you have been procrastinating and have unfiled tax returns and/or you currently owe the IRS money, deal with it now and get professional tax help if necessary.
âAnyone who owes back taxes or is facing IRS tax audits needs to know that there are options for negotiating a tax resolution, and that working with a tax resolution specialist or tax attorney can greatly increase their chances of successfully resolving their IRS tax problems,â said Rozbruch, founder and CEO of Tax Resolution Services, Co., a company that provides affordable IRS help to people seeking income tax relief. Â âYou need to be prepared for the next round of taxes!â
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit http://www.taxresolution.com or call 866-IRS-PROBLEMS.