What the Fiscal Cliff means to you - WXOW News 19 La Crosse, WI – News, Weather and Sports |

What the Fiscal Cliff means to you

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WAUSAU, Wisconsin (WAOW) - Financial experts in Wisconsin say some of the financial repercussions of the Fiscal Cliff include the end of tax cuts, new taxes from the Affordable Health Care Act, and cutting deductibles for Medicare benefits.

However, even with all of these possible changes on the horizon, experts say it probably isn't time to panic.

"It's very likely that there's going to be some sort of resolution or middle ground met from both sides," says James Ison of Hermening Financial Group.

If the changes do happen, they would take effect as of January 1st. That means your employer would then start taking out the increased amount in taxes. But whatever happens on January 1st will have no impact on the taxes you file in April of 2013.

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