Fiscal Cliff could delay taxes for 2012

TYLER (KYTX) - The Fiscal Cliff deal will have some Americans paying more when they file their tax returns next year.

But delays at the IRS could change the schedule for filing your returns this year too.

As of now we don't know exactly what the tax forms will looks like, but we don't have the final version.

But Liberty Tax says expect to see some filing delays and changes to capital gains tax.

"I do them myself, just basic forms, not any dependents of anything," says Pearson.

But after all the tax changes we've heard about lately, she had a different thought.

"It made me think there's a chance I need help this year because not knowing what changes there will be," says Pearson.

"It's 150 pages long, so we don't know everything that's in there, we're getting bits and pieces," says Maureen Parkhill with Liberty Tax.

Parkhill says they're taking many calls and trying to answer questions.

But she doesn't even know everything about the changes just yet.

She does know the forms will be different this filing season, and the dates to begin submitting your taxes could be pushed back if the IRS doesn't get everything sent out soon.

"Fortunately a lot was left in place," says Parkhill.

She says some people will be paying more when it comes to capital gains, and it will be reflected in the new 1040 forms.

And looking ahead to next year, people will need even more help with the tax changes happening now.

"The pay roll taxes at 4.2% last two years and going back up to 6/2%, so every American who has a job is going to see higher taxes," says Parkhill.

Plus, Pearson isn't worried about just yet.

"Not really a whole lot of change for me, I don't think. We'll see," says Pearson.

Parkhill says you should still get all of your information ready to file as early as possible in case all the paperwork comes through with the IRS.

The 2-percentage-point reduction in Social Security payroll taxes ends this year, workers will likely feel that this month.

Higher rates for top earners will also kick in.


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