• Local tax preparers flooded with 'fiscal cliff' questions

    By: Tenikka Smith


    CHARLOTTE, N.C. - Tax preparer Jerome Davis has been spending a lot of time on the phone fielding calls from his clients at Rapid Tax who are anxious about the fiscal cliff.

    "Is it going to affect how much their refund is going to be or are they going to owe more taxes?" said Davis.

    December is traditionally the month Davis said his clients call wanting advice on how to lessen their load before they file taxes in the new year. But with so much up in the air in Washington, he said he was forced to tell them, "I can't guarantee if you do this it's going to work or not."

    Taxpayers face being hit hard with the possibility of several tax credits being reduced or eliminated. Some families making $60,000 or less could have to pay thousands of dollars in taxes under the Alternative Minimum Tax that once applied only to the wealthiest Americans.

    Also, a deal on the "fiscal cliff" will determine how much federal income taxes will be withheld from paychecks next year.

    Davis said he hopes lawmakers are able to hammer out a deal so he can answer the lingering questions impacting his clients' lives and wallets.

    "It would be better because I could come into work the first of the year and know what's going on," he said.

    The first day 2012 taxes can be filed electronically is Jan. 22, 2013.

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