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FinanceLocal Business

Be Aware of Current Tax Changes

by David Fuller, CPA March 26, 2013December 27, 2013
written by David Fuller, CPA March 26, 2013December 27, 2013

On Jan. 1 of this year, Congress passed the American Taxpayer Relief Act of 2012, which, along with many other provisions, permanently extends the so-called Bush-era tax cuts for low- and middle-income individuals.

The legislation preserves the existing lower rates on capital gains and dividends for low- and middle-income individuals, but increases those rates on higher-income individuals. It also locks in a maximum 40 percent rate on estate and gift taxes for estates greater than an inflation-adjusted $5 million exemption.

The act includes permanent Alternative Minimum Tax relief, extends bonus depreciation one year to property generally placed in service before Jan. 1, 2014, and increases the Code Sec. 179 dollar and investment limitations for tax years beginning in 2012 and 2013. The act also provides the Medicare doc fix for 2013, and extends unemployment insurance. Finally, dozens of other expired or expiring provisions are extended, including:

• Marriage penalty relief

• Deductions for student loan interest and tuition and fees

• Enhanced child tax and child and dependent care credits

• Simplified earned income credit

• Deductions for primary and secondary school teacher expenses

• Deductions for state and local sales taxes

• Research credits

• Energy-efficiency credits for homes and vehicles

• Many more provisions.

With these changes, we encourage you to meet with your tax advisor to discuss any potential strategies you might be able to implement to reduce your income or estate tax exposure.

B. David Fuller, CPA is a partner at Pearce, Gray and Co., PLC, and has been with the firm for almost 15 years. He focuses on small businesses and real estate ventures.

Pearce, Gray and Co., PLC, is located at 3514 N. Power Road, Suite 135. For more information, call (480) 835-1124.

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