To help you stay abreast of changes in tax law that might affect your tax plan, we’re presenting the following summary of recent updates to our online tax planning guide that we’ve made over the last few months.
- Information on the payroll tax break has been updated to reflect its extension through the end of 2012.
- A Tax Act Summary has been added for the VOW to Hire Heroes Act of 2011, including a discussion of the expanded and extended Work Opportunity credit for hiring certain veterans.
- 2012 numbers have been added (except in the rare case where not yet released). Examples include 2012 individual tax rate schedules, 2012 retirement plan contribution limits and 2012 gift and estate tax exemptions.
- Where applicable, text has been revised to reflect the fact that lower rates are scheduled to expire in 2013. Examples include ordinary income tax rates, long-term capital gains and qualified dividend rates, and gift and estate tax rates.
- Where applicable, text has been revised to reflect the fact that certain tax breaks have expired or are set to expire in 2013. Examples include the AMT patch, bonus depreciation, higher Section 179 expensing limits, the research credit, and higher gift and estate tax exemptions.
Note that we have not deleted 2011 information (such as rates, exemptions, breaks available) so it will be available for those still needing to file their 2011 taxes.
We suggest that you view the updated guide (available here) to see the context in which those changes occurred, as well as to learn more about ways to save tax.
Please let us know if you have any questions about the updates or how they might affect your tax planning strategies. As always, consult a tax professional before taking any action.