The tax cuts brought in during the Bush administration will end in December of this year. The cuts provided a 10% and 18% category for lower income families. It will revert back to a 28% tax bill; unless the government chooses to extend it.
That means families in the lowest income bracket will see their tax bill almost triple. It will hit those living just above the poverty level the hardest.
Do you know what your tax category is? You can call your tax preparer to find out.
Be proactive about your finances.
Plan for the worst and hope for the best.