Several clients have asked if the tax rates for 2010 are going up. Currently the Bush tax cuts are in effect until the end of the year and tax rates are not expected to change through 2010. In 2011, the Bush tax cuts are set to expire back to higher rates a decade ago. An average married filing joint filer will pay approximately $2,000 more in tax.
According to our resource subscriptions, there is a talk of extending the Bush tax cuts on incomes less than $250,000. We'll keep you posted.
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