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03/26/2009
Standard Federal Tax Reports, a publication of CCH, a leader in accounting information and resources, recently quoted HR&R's managing partner, Paul Rudoy.
In their March 26th, 2009 issue, the publication features an article on the front page about the "Making Work Pay" credit contained in the recent Stimulus Package. This is the excerpt:
Paul Rudoy, CPA, managing partner, Horovitz, Rudoy & Roteman, LLC, Pittsburgh, told CCH that the Making Work Pay credit will also be a concern for individuals with outside consulting income or investment income who pay estimated taxes.
“Generally, individuals pay estimated tax basedon what they paid in estimated tax in a prior year. If withholding is going down (as it is in 2009 and 2010), they will need to pay more in estimated taxes if their outside income increases. For many individuals, a signifi cant portion of their investment income is from mutual funds, which pay out in December. The uncertainty of the market makes it unclear what their circumstances will be (in December).”
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