I am receiving a lot of calls about the fiscal cliff. First, I am sure they will pass something, possibly by even today December 31st extending the Bush-era tax rates for most people (those earning less than $400,000 or $450,000).

There's lots of finger pointing going on over all this, but I don't think either party wants to have to deal with the consequences of letting this thing go 'over the falls'. This is just too big a political risk.

Even if nothing gets done by 12/31, that doesn't mean we 'go over'. When the bill is passed it will most likely be retroactive to January 1, 2013. So, if a deal is cut on January 10th it would still be as if it was passed on January 1st.

I will keep you apprised on what is happening as we get it. Don't let it spoil the New Year's fun.

Kenneth Hoffman counsels Entrepreneurs, Professionals and Select Individuals in taking control of their taxes, and businesses. Discover how I can help you overcome your tax and business challenges. To start the conversation or to become a client, call Kenneth Hoffman at (954) 591-8290 Monday - Friday between 8:30 a.m. to 1:00 p.m. for a no cost consultation, or drop me a note.

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