The goal of year-end tax planning usually is to shrink the current year’s tax bill as much as possible. Sometimes, changes make the following year’s tax bill bigger — and this season, the possibility is even greater. A variety of tax-code provisions are scheduled to expire Dec. 31, ushering in higher tax rates for most Americans in 2013. Here are some moves to consider that could lower your taxes. Among other things, those expirations would unleash:
- Higher income tax rates for nearly every American with taxable income.
- Higher maximum tax rates on investment income.
- The end of a temporary two-year “discount” on payroll taxes.
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