The past couple years have seen significant changes in the tax laws as rates are changed and subject to sunset, credits have come and gone, and provisions are enacted then repealed or modified in the face of politics and public outcry.

As the United States begins to address the nation’s significant debt load, political warfare continues between the Republican and Democratic parties, and health, medical, and insurance cost issues continue to escalate despite a stagnant economy, you can expect significant tax law upheavals to continue.

Will there be higher taxes?

Will the US enact a VAT or something similar as envisioned in Herman Cain’s 9-9-9 plan?

Will the debt reduction committee Washington limit popular deductions such as mortgage payments by reducing the availability of itemized deductions?

What will happen if Obama is not re-elected?

Many of these tax changes are obscure and you will only find out how to keep your hard earned money by locating a competent tax professional.

For example, I found an article about a new IRS notice that employer provided cell phones are not taxable to the employee if there is a non-compensatory reason for the phone.

For example, to stay in touch with an employee away from the office, or to ease employee communications with customers.

The phones are also not taxable even if the employee uses them for personal use.

Of course, it was also a paperwork nightmare to try and account for cell phone usage so this will make life easier for employers, employees, and the IRS.

Expect to see continued tax law changes that affect you personally.