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Waxahachie, Texas — December 6, 2012 — Now that the elections are over, it is time to assess our tax situations. Congress continues to discuss tax rates and deductions. Much is yet to be seen of what is going to actually happen.

Obama has stated that income taxes for households making above $250,000 will increase. So, if you have been deferring income, you may want to go ahead and accept it this year. Another Obama presidential goal is to increase the capital gains tax by 5-10%. If you have stocks with high profits, you may want to go ahead and sell them to lock in your profits this year while capital gains taxes are lower.

If you fit these situations, please talk with your tax or financial advisor to see if you need to do anything before the end of this year. Each person’s situation is different, so please seek sound advice on your situation.

As always, you can contact the SAGU Foundation to discuss ways you can plan for your own financial security while also benefitting SAGU and her students. 

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