If there is one thing I’ve learned over the years with regard to personal financial planning it’s that reviewing tax changes EARLY in the new year is important. By the time December rolls around it is typically too late to make any meaningful changes to your tax bill for that year. This will be especially applicable in 2012 & 2013 when many tax cuts are currently set to expire. I am in the process of updating my tax summary sheet that focuses on personal & real estate related tax provisions. I will upload it to this blog once complete. In the meantime, HERE IS A LINK to a 4-minute summary of what you should know. Please remember that it’s an election year and many in Washington DC may be extending some of these provisions to help their reelection chances. In general, tax laws can change during the year and even retroactively so it’s best to talk with a competent tax professional about your individual situation.
