Journal Express, Knoxville, IA

Features

December 4, 2012

Low-income households to be hit with tax increases

(Continued)

Knoxville —

"We've got a lot of educating to do about health care reform," Franck said. 

Companies that will feel the greatest impact of the "Affordable Care Act" will be those mid-sized ones. 

More audits already

Franck said the State of Iowa has already begun to increase the number of audits, at least among local customers. Many of the audit targets have been those who claim a dependent care credit on their taxes. 

"They're questioning everything," Franck said. He saw two or three people, dealing with audits, each week over the summer. 

Tax changes are hitting parents who are helping their children repay their student loans. In the past, parents who make payments on loans in their child's name were able to claim the interest as a deduction. They can no longer do this. 

A major potential tax change, the mortgage interest deduction, is also set to expire at the end of the year. This would be a $40 billion tax increase and would cause further damage to the economy, Franck said.

"If they take that away, that would really kill the real estate market," Franck said. 

H&R Block's Tax Institute has prepared quick-reference sheets that summarize tax law changes coming in 2013 and those specifically coming in relation to the "Affordable Care Act." These sheets accompany this article. 

With all of the changes taking place, Franck urges people with questions to talk to their tax preparers. As of this writing, no deal had been reached between Congress and the President to address these major tax changes coming in 28 days. 

 

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