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January 25, 2013

The recent tax act impacts planning

The American Taxpayer Relief Act of 2012 ads a new dimension to tax planning.  The tax rate brackets, thresholds, phase outs, etc. are different depending on the element involved.  Some vary depending on the types of income.  Types of income include: taxable income, earned income, alternative minimum taxable income, capital gains, net investment income, self employed earned income and adjusted gross income.   Incomes for the phase outs of itemized deductions, exemptions and alternative minimum tax differ.

Planning will also be impacted by the timing of income and deductions.  Defer income and accelerate income may no longer be a general approach.  Changes in income and deduction and the nature of the income and deduction anticipated in the future will must be considered. The approach for each may vary from year to year.

Key numbers are provided on the web site under “Information of Interest” and “Newsletters” under “Resources”.

2013 Estate Planning Key Numbers (includes 2012), , is under “Estate Planning: Estate Tax, Gift Tax, elder Care, etc.”

2013 Retirement Planning Key Numbers (includes 2012), , is under “Retirement.

2013 Income Tax Key Numbers (includes 2012),, is under “Income Tax, Social Security Tax, etc.”

2012 – 2013 Key Numbers including; Business Planning, Education Planning, Protection Planning, Government Benefits, Investment Planning and the above numbers, , is under “Newsletters.

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