The Outlook For Taxes This Season

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Revisión de 18:21 4 sep 2020

As we celebrate leaving 2009 behind, we necessarily turn towards 2010 and start considering what the future holds. As an example, what does the year hang on the tax front?

2009 was an original year when it found personal finance because of the unheard of tax relief given to taxpayers. There were obvious government efforts such as the cash for clunkers program to rejuvenate the auto industry and the first-time homebuyer's tax credit to accomplish the same for housing. Then there have been smaller things just like the IRS allowing businesses to retroactively apply losses for five past years to get big refunds. The goal of all these programs was to stabilize the economy and help us all survive a brutal period of time.

Whilst the 2009 tax breaks were great, everything come to finish in finance. 2010 is the year we will have this happen. Most programs are going to go out in the first quarter or half of the entire year and you will see no further extensions. Why? There simply can not be. The government has tried to pay its solution of the economic mess, but all indications are we are nearing the point where borrowing is beginning to become difficult. Many Americans are worried about our soaring national debt and devalued dollar and it now appears investors may be as well. This will necessarily cause the government pulling back on tax incentives.

The other big tax event that seems primed to be implemented in 2010 is the internet sales tax. If the government has debt problems, not quite a third of all states are in massive trouble with California and Arizona leading the way. These states are getting pummeled as property tax revenue dries up with the housing debacle and are looking for new revenue sources. Most web businesses usually do not pay sales tax on the sales, gives them an edge over local brick and mortar shops.

Some states have already started trying to go after on line sales tax. New York famously passed a law permitting the recovery of it so long as the internet business had a single affiliate sale in the state. Instead of garnering a tax windfall for the state, large entities like Amazon and Overstock simply terminated all their affiliates in the state! Still, this is a battle that will eventually cause a universal online sales tax being implemented. Given the big shortfalls faced by many states, 2010 seems to be the season it comes to a head.

Vice taxes are also possibilities this season. Online poker seems peaked for a get back with Barney Frank pushing it in exchange for a tax benefit. Other states are seriously considering expanded gambling options and even that funny grass smoked by hippies is on the ballot in a few progressive states like California, Oregon and what maybe you have. Will they pass? My crystal ball is a bit fuzzy, but it would seem that some will.

2010 is shaping up to be the season the bill comes due for all the efforts made by state and government to deal with the economic collapse. Practically speaking, that means fewer tax breaks and more incremental taxes wherever you look.

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