Tax law changes

In Lesson 18

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Top things to know So, what's your tax bracket? How much you should withhold What's FICA again? Who needs to pay estimated taxes A word about penalty and interest charges 1040 mysteries revealed Alternative minimum tax: What you should know The dreaded audit: What are the chances? The best time for tax planning

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Taxes may be one of the things you can be sure of in life, but the same can't be said of tax laws. They can change at any time. And they often do.

In his first year in office, for instance, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001. The Act significantly altered the tax treatment of several major financial issues, including income, retirement savings, educational savings and estate planning.

Then in 2003, the administration pushed through another major bill, which changed the tax treatment of capital gains, child care credits, dividends and a host of other items.

In 2008, the U.S. will select a new President, and he or she will likely devise new tax policies and again change the tax code. Please stay tuned.  

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