Reader Question from Fiscal Cliff Webinar

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poiuytrewsdfoOn Monday, November 19th, Megan and I did a special webinar for people who wanted to know what they needed to do to avoid the huge tax increases that are going to hit 90% of American taxpayers in just 6 weeks.

On a Monday night, during a holiday week, we almost reached our 1,000 capacity on the webinar.  That’s how many people understood what a big tax issue is coming.

We couldn’t get to all the questions during the webinar, so we’ll be covering them on our blogs over the next few weeks.

There were a whole range of questions, most related to the subject matter and a few people who were more interested in personal or other subjects.

I found one question interesting because it applies to so much these days.

“Now you are saying ABC for a strategy, when two years ago you said DEF.  Which is right?”

I’m not going to go into the detail, because no matter what you fill in the blanks with, the answer is the same.

Answer:  Tax law change is inevitable.

If I’ve changed what I used to say, it could be because I’ve learned something new, because a new law has been passed, a court case has clarified or simply because we’ve seen which way the wind is blowing with the IRS.

That’s why you can’t simply rely on something you read on the Internet. I’m bemused by the one blog entry on my site that gets the most play is over 3 years old and it has to do with real estate professional audits.  As you wind through the stories, you’ll see how changing law has changed my answers.

What’s deductible? It depends. How should you report something? It depends.

And it’s all subject to change.

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