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Congress finally acted on New Year's Day, passing the "fiscal cliff" law. This law extended the existing tax rate structure for single taxpayers with taxable income of as compared to USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For people higher incomes, the top tax rate was increased to 40.6% These limits are determined ahead of foreign earned income exclusion.

B) Interest earned, except for paid, during a bond year, must be accrued after the bond year and reported as taxable income for your calendar year in which the bond year ends.

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And seeing that you know some taxpayer rights, you can start losing taxes by downloading a free of charge tax organizer for individuals and owners here.

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