Extra year-end tax move considerations in 2012 as the fiscal cliff looms

December 4, 2012

Thank you lawmakers in Washington, D.C., for complicating our 2012 year-end tax decisions.


Frustrated-taxpayer-Ken_Hurst_iStock_000006713208XSmallAnd by thank you I mean get off your partisan duffs and decide already what to do about the fiscal cliff so we can make informed tax moves before it's too late!

Because we don't know for sure what our individual income tax rates might be
or what we might owe on investment income or which
tax breaks
will be around in the coming year, there's a
temptation to do nothing.

Despite the uncertainty and confusion, that's not a good idea.

I recently spoke with Gregory A. Rosica, tax partner with Ernst & Young in the firm's
Tampa, Fla., office about just how we should proceed with what usually are cut-and-dried tax choices as Dec. 31 nears.

Rosica suggests taxpayers create two year-end tax strategies: one for the current tax
situation and another in case the Bush-era tax laws do actually expire (and stay that way) next year.

"Develop a plan, and then pause and wait to see what transpires," he told me for a story I wrote for Bankrate.com.

You can see what Rosica and other tax experts suggest in that article, 6 smart year-end tax strategies to consider.

And while you're at it, drop your Representative and Senators a note or email or give them a call and let them know how you want the fiscal cliff situation resolved ASAP.

Frustrated taxpayer photo by Ken Hurst/iStock

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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