The election is over and the result was a shift in power in Washington D.C., a shift that caused Obama to change his tune somewhat regarding income tax increases. A shift influenced by the unofficial Tea Party whose candidates promised change: lower income taxes, lower budget deficits, repeal of the recently passed heath care bill. Will they be able to change anything with a Democratic president? Who knows. The country could experience a couple of years of gridlock. Maybe gridlock is good. I really don’t know and I don’t have a Ouija board so I won’t predict the future.
Tax planning is about making choices that are available to you to hopefully affect a lower income tax liability. Stability helps make the right choices; stability in the economy and stability in the Internal Revenue Code. As we end 2010, stability in our economy and our tax laws seems absent. What should you do? Over the next few weeks, The Potts Report will discuss options for you to consider to lower your income tax liability. Stay tuned.
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