Well, it looks like Congress is going to high tail out of Washington early because of the impending doom of losing their seats. I would expect that this means the "Bush" tax cuts will not be extended. So the question is what happens in the lame duck session after the election? I expect that the Democrats will still not pass extensions to the tax cuts because they will be bitter over their losses, so I think we need to plan on some last minute tax extensions once a new Congress is sworn in. This is going to be a tax preparation mess.
We will keep you up to date as this moves forward and The Saggio Management Group is poised to prepare these taxes regardless of the changes, even if they are last minute.
Call your Congressional Representative and let your voice be heard about all of this. It's time for all of us to stand up and shout to them to do what is right! The economy is still in the basement and the expiration of the tax cuts will only make it worse.
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