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Taxpayers must pay their taxes "as they go." For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don't have any withholding, they will need to make estimated tax payments.
In December, 2010 President Obama signed into law the tax bill which extends many of the Bush-Era federal income tax cuts and the Pension Protection Act of 2006. This law has extended the provision that allows some people to make qualified charitable distributions from their IRAs.
Most married couples file their income tax returns jointly. However, married couples have an option—they can file married filing jointly or married filing separately. Married couples can change their filing status from year to year. The only requirement is that they be married, which is determined on the last day of the year.
The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won't have an impact for a few years. Here's a year-by-year breakdown of some of the changes worth taking note of.
Taxpayers over age 70-1/2 with an IRA have a year-end tax planning opportunity.