Washington Uncertainty Could Mean Less of a Tax Refund

For more information on the Alternative Minimum Tax click HERE.

With the fiscal cliff looming and lawmakers not making any decisions, it's likely to affect the way you file your taxes.

In some cases it means paying more taxes and getting less of a refund.

At H&R Block in Grand Island, accountants are getting ready for people to start filing their taxes, but this year its a little different.

"The biggest thing we see right now is probably the alternative minimum tax and when it was put in place years ago it was to make sure everyone paid their fair share of tax," said H&R Franchisee Stacey Stocker.

Its all because of the looming fiscal cliff and lawmakers not making decisions in Washington.

If they don't pass a tax law to patch the alternative minimum tax, it means you could pay more taxes and get less of a refund.

"At the end of the year we are all running a little tight because of Christmas and now that January check is probably going to be a little smaller," said Grand Island resident Patty Glause.

The frustrating part is there's nothing you can really do to compensate or adjust. Stocker says it's all up to Washington.

In fact in some cases some people won't be able to file their taxes until February, when updated tax laws hit the books if congress acts.

"It does become frustrating because people don't like uncertainty and taxes are one of the biggest things people will file and take care of during the year," said Stocker.

In the meantime, taxpayers say Washington needs to act.

"It would be nice if they would deal with it on a timely basis but we know they are going to deal with it one way or the other and we have to live with the consequences," said Glauser.


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