“Rude surprise for taxpayers
Millions of people who are enjoying President Obama’s tax credit will need to return some of it.” http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1 Per the Yahoo News
I read the article and not sure what to believe. Are their problems ? Should we withhold extra to get the same amount back assuming all household/Income things stay the same as last year ?
Concerned about tax tables
Apparently Yahoo and MSN were both late to the game on this one. I’ve received two questions this morning related to their articles.
This is not a new concern. It’s not that the tax tables are wrong – it’s that your individual circumstances cannot always be accounted for in a table. Some people will have circumstances that might cause them to get too much credit – you can read all about it in my prior post.
But it’s important to understand that this isn’t a flaw in the tables that’s just been discovered or a fluke that wasn’t previously accounted for – tax professionals have know about this for a bit now. I blogged it in March, as did many of my colleagues. Yahoo and MSN aren’t breaking news – they’re just playing catch up.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.