Potential Tax Hikes for Physicians

The changing political environment not only affects healthcare reform and how hospitals and insurance companies will change from our current system, but tax laws also may change in the upcoming tax year for individual tax payers.

The tax cuts that were implemented in 2001 and 2003 lowered taxes for every American across the country and are set to expire at the end of this year. Because of their income potential, many physicians may be significantly affected by the potential changes.

There is currently much speculation as to what Congress and the Obama administration will try to change in the tax code prior to November. The current tax cuts will be effective through the end of the year and will not affect the 2010 tax year. We will have a better idea of what potential changes may take place after the November election, however we can only speculate as to what those changes may be until the administration makes the official changes and new laws effective at the beginning of the 2011 tax year.


Read the full article at Physician's News or click here:
http://www.physiciansnews.com/2010/09/16/physicians-should-be-prepared-for-potential-tax-hikes/