ST. LOUIS, Mo. (KSDK) - Now that a fiscal cliff deal has been reached, what does it mean for you?
Financial expert Douglas J. Kiffmeyer, president and co-founder of Kiffmeyer Tax Advisory Group, says we'll all see more taxes taken out of our paychecks, just not as much as when the deal was in limbo. He recommends changing your withholdings so you don't owe money when you file taxes in 2014.
Kiffmeyer says Medicare expenses will go up for as many as 20 million people. At the same time unemployment benefits will be extended.
And some popular tax deductions will change. For example, charitable donation write-offs will be capped at 28%, down from the previous 35%.
"It's going to be a lose-lose from all directions," said Kiffmeyer. "I mean, the charitable donations from the 501C3s are going to go down considerably and the tax benefits are going to go away, or at least decrease substantially from where they were."
Kiffmeyer recommends sitting down with your tax professional to make sure you're prepared for all the changes.