Fiscal cliff makes tax planning more difficult, important, Oklahoma City experts say

Oklahoma City tax advisers say taxpayers should prepare for changes, but should not overreact.

 
BY DON MECOY | Published: November 18, 2012   

Tax planning this year may be as difficult as any year in recent memory as policymakers in Washington debate potential changes under a Dec. 31 deadline that has been termed the “fiscal cliff.”

photo - James Dresch, of MND Partners Inc., works on the floor of the New York Stock Exchange in New York on Nov. 7. Stocks on Friday showed slight gains as renewed efforts got under way in Washington to resolve the impending “fiscal cliff.” AP FILE PHOTO
James Dresch, of MND Partners Inc., works on the floor of the New York Stock Exchange in New York on Nov. 7. Stocks on Friday showed slight gains as renewed efforts got under way in Washington to resolve the impending “fiscal cliff.” AP FILE PHOTO

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If Congress fails to act, taxes will rise more than $500 billion in 2013, an average of nearly $3,500 per household, according to an analysis by the Tax Policy Center. Middle-income households...
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