November 22, 2012
With the election behind us, we now have a much clearer picture of how taxes will be affected in 2013 and beyond. With this insight, we can better help our clients create strategic, fiscally responsible tax programs for the coming year.
Under the Obama administration, the objective is to maintain the old tax rates for taxpayers with adjusted gross income below $250,000. (The old tax rates were originally enacted under the Bush administration and set to expire at the end of 2012.)
This means that taxes will likely rise for businesses and wealthier individuals next year. Based on Obama’s policy initiatives, income tax rates for the top tax brackets will likely rise to Clinton-era rates. Estate tax lifetime credits will likely fall as well to an amount between $1 million and $3.5 million. The anticipated Congressional stalemate with a Democratic-controlled Senate and Executive branch may very well make the default “Sunset” of $1 million a reality. And finally, capital gains rates are likely to rise as well. As a result, effective tax planning in the face of these increases will become even more important for taxpayers.
We understand that these changes are complex and can be overwhelming, but we are here to help. Contact us with any questions and to begin planning an effective tax strategy.
With more of us likely staying close to home this summer, why not plan to either start a healthy and regular workout schedule or enhance your current routine? It’s never too late in the year to get your healthy on, so we’ve compiled a short list of tips to get you moving.
Summer is typically the time people start planning vacations—Disney World…cruises…the beach. This year, however, travel may not be in the cards. But that doesn’t mean you have to sacrifice down time and fun with the family. Make this the year you plan a fantastic staycation! Here are some tips to make sure you can kick back, relax and have a memorable time with a vacation at home.
The fact is that many of us are now working from home…and we’re not sure just how long this will be a necessity. With this in mind, we compiled a list of best practices to support a successful and secure work-from-home operation.