Preparing for the Tax Unknown in 2013 - Northern Michigan's News Leader

Preparing for the Tax Unknown in 2013

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As Congress and President Barack Obama continue hashing out the 2013 Tax Code, taxpayers are left waiting and trying to prepare for what ever makes it out of Washington, D.C. in the coming weeks.

Accountants like Patrick Kailing in Reed City, are working to make sure their clients are ready for the tax hikes, he expects.

When filing for taxes in 2013, Michigan taxpayers can expect smaller refunds.

He also recommends keeping good records for any planned deductions, and advises selling any big ticket items in 2012, if possible.

Whatever happens, Kailing doesn't think it will be as bad as some are predicting.

     "I don't know where they came up with the term, Fiscal Cliff.  I don't think anything's gonna fall apart, the sun is gonna come up the next day and most of us that are working, are still gonna go back to work....The only difference is you're gonna be paying a bit more in taxes."

Kailing points out that many changes to tax rates are at the State Level, and are coming no matter what happens at the Federal Level.