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Deficit reduction panel won’t extend its Nov. 23 deadline

November 8, 2011

For better or for worse, we'll know on Nov. 23 what we get, or don't get, from the special Congressional deficit panel.

16 Days Super Committee CountdownThe Joint Select Committee on Deficit Reduction has the authority to grant itself more time.

Some had suggested that an extension might be necessary so that the bipartisan panel could have the Congressional Budget Office review its proposal's fiscal estimates.

Now, however, comes word that during a discussion of whether to bust the day-before-Thanksgiving deadline, the six Senators and six Representatives decided to hold firm to their original due date.

That's a good idea, especially since the reality is that the members won't be able to come up with a plan.

So they might as well let us all know sooner rather than later that they are deadlocked.

Then we can get on with absorbing what that means, which is a topic for another Super Committee Countdown post.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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