Tax Changes Creep Up

Abrams’ Tax Service Owner Kevin Abrams reviews a tax exemption change. (The Herald/ Joe King)

For both residents who are expecting a tax return and those who are hoping to survive the season with both arms and legs intact, the coming tax changes can be a frightening event.

“The IRS has set January 30th as the potential opening date for e-filing this year due to the late tax law changes passed this January,” explained Abrams’ Tax Service owner Kevin Abrams. “There are several changes or extensions of favorable tax laws that affect many of us this year.”

Abrahms cited some primary changes, many which deal with exemptions.

“The lower tax rates commonly referred to as the Bush tax cuts have been permanently extended for 2012 and forward,” he explained. “The lower capital gains rates are also permanently extended.”