The new tax provisions within the American Taxpayer Relief Act of 2012 make some subtle, if not substantial, changes to income tax rates, the top estate tax rate, capital gains rates for upper-income earners and more. Click to learn how these changes may impact you.
The House of Representatives passed a previously-passed Senate bill (H.R. 8), a 157-page bill called the American Taxpayer Relief Act of 2012. There are many retirement planning provisions included in the bill that kept the United States from plunging off the fiscal cliff (cue scary music, plus the equally-scary reality that another showdown over spending cuts and deficit reduction is looming on the horizon).
Whether it be from injury, illness or otherwise, being disabled can be physically trying and mentally challenging. It can also be tough on your wallet, as being disabled often carries with it additional medical costs, not to mention a possible loss of earning power. Certainly no one in their right mind would ever choose to be disabled, but if life has dealt you this hand, there are a few benefits available under the tax code to help you make the most of your retirement accounts. Below are three such benefits, discussed in greater detail.
Unless you've been locked in the cellar of a medieval castle since the November elections, you've likely heard about the fiscal cliff issue – the popular name given to the impending simultaneous tax increases and budget cuts. No doubt this raises concerns about how going over that cliff, if it happens, could affect you.
As you are now no doubt aware, there are any number of ways which you might pay more in taxes for 2013 than you will this year. One of those many ways is when you sell long-term capital gain property. Common types of capital gain property are stocks, bonds, mutual funds and real estate. To be considered “long-term,” you must have held the investment for more than one year.
The holiday season is upon us once again. There are a lot of things we associate with this time of year, but one of the most common has to be exchanging gifts with those we love. I can remember, as a child, writing out my wish list each year and the excitement I’d have wondering which gifts I might actually receive. Recalling those days I thought I would once again prepare a wish list, but with a little twist. Below you will find my holiday wish list to Congress and the IRS for changes I’d like to see made to the tax code.
Thanksgiving is here - and the end of 2012 (believe it or not) is right around the corner. That means "year-end planning" time, and below we offer 3 questions you should ask (and find answers to) before year-end.
Last week, Hurricane Sandy - a.k.a. Frankenstorm - pounded the eastern part of the United States. In the days since, thousands have been displaced from their homes, more are still without power and millions have been financially impacted by the storm that, by some estimates, could top $50 billion in damages. Unfortunately, many of those who’ve been affected could be about to make - or may have already made – a bad situation worse by making costly financial and tax mistakes or top of the losses suffered as a result of Hurricane Sandy.
Mr. President,
As part of the campaign process for your bid to seek a second term in the White House, you recently released a copy of your 2011 tax return. Purely to satisfy my own curiosity, I decided to review the return, as well as the tax return of your challenger, Governor Romney.
The debates are over and we are now less than two weeks from the election! There's a lot riding on this election for both nominees and both parties, but more importantly, for the American public as a whole. While there are numerous issues that will no doubt require the next President's attention, along with that of our lawmakers, few issues are likely to generate more interest from the American people than the subject of taxes.
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