Tax picture still cloudy - WALB.com, Albany News, Weather, Sports

Tax picture still cloudy

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By Christian Jennings - bio | email

ALBANY,  GA (WALB) –  As Congress debates the income tax in Washington, business owners and accountants are in limbo waiting to find out the 2011 income tax rates.

CPA Richard Brown works with multiple Southwest Georgia businesses with tax planning and counseling.

He says in his 15 years in the business, it's the first time he can remember going into the new year not knowing what tax rates will be in place and says its an inconvenience for business.

"There's tax deductions or expenses you can take for purchasing equipment in service in a tax year. But not knowing what the tax rates may be in 2011 you know, some businesses may hold of purchasing that equipment," said Brown.

The current tax rates are set to expire January 1st. The new tax package combines extended tax cuts from the Bush era with extended unemployment benefits, tax breaks and a payroll tax holiday.

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