Taxpayer tips with fiscal cliff hours away

By  | 

GRAND JUNCTION, Colo. (KKCO) - Congress did not meet their deadline to avert the fiscal cliff on Monday, and now taxpayers must wait for the next step.

"It's been difficult because everybody needs to know what to do," said CPA Mark Mackley of Mackley & Co.

Time was running out on Monday evening, and the looming fiscal cliff left questions on the minds of many. Mackley was first to hear many of these concerns.

"[They've asked] 'Should I spend money? Should I go buy a vehicle or buy equipment by the end of this year in order to get our taxes down?"

The questions go on and on. America was hoping to have answers by the New Year deadling, but that hope was long gone right before the afternoon.

"So, as of this point, it looks like I'm going to be spending New Year's here in D.C.," said President Obama.

On Monday morning, President Obama held a pep rally to update the public on where lawmakers stood, and the inability for government to reach an agreement was evident.

"My preference would have been to solve all these problems in the context of a larger agreement," said President Obama. "but with this Congress, that was obviously too much to hope for at this time."

So in the meantime, Mark Mackley suggests playing it smart.

"Do what makes sense for you outside of taxes," he said. "Don't spend a dollar to save 30 cents on your taxes, unless that dollar is something you would spend money on anyway."

And don't let worry eat up any of those New Year's celebrations.

"For the most part, people are going to have time once all this gets resolved because there's very little of it that really applies to 2012," said Mackley.

For more than a year, both sides have been unable to compromise. As of Monday evening, an agreement had yet to be made.

If a deal is not reached by midnight, taxes will go up for nearly all Americans and more than one billion dollars will be cut from defense and domestic programs.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus