Turning Back Time
There is nothing worse than working hard all year, having taxes withheld from your paycheck, and then finding out you still owe Uncle Sam come April. Taxes seem to be one of the most politically charged issues, with candidates from both parties making the topic an integral part of their campaign. Whether any real movement takes place is something that remains to be seen, as the nation gears up for the next presidential election.
One candidate who recently threw his hat in the ring is Wisconsin Governor Scott Walker. Walker has said he plans to turn back the clock on taxes to the federal rates that were in place when Reagan was in the White House. The report lists the following points as part of Walker’s plan:
- Pentagon spending will be cut.
- Reduce the deficit by looking at ways to change programs with tax consequences.
- Give more power to the States when tackling tax related issues.
Walker believes handing the states more power to regulate tax issues frees up the federal government’s time to take on other matters. Walker also stated he has plans to undo a lot of what President Obama has done during his two terms as the commander in chief. Whether any of these strategies are actually implemented, it is always a good idea to look for ways to minimize your tax liability. We can help you identify where you can make withholding changes, how to properly itemize, and even help if the IRS questions items on your annual return. Call our office today for answers to all of your tax related questions.