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 (The old tax rates were originally enacted under the Bush administration and set to expire at the end of 2012.)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.
June is national safety month, and it never hurts to remind your clients and community that safety always comes first. Our goal with this blog is to help you augment your marketing initiatives with a few ideas around safety. While we can’t cover every industry in a single post, we hope that you find the tips below useful and that they spark some innovative new marketing ideas!
It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help: