Phone: (714) 538-1040            Email: greg@beck1cpa.com

Tag: Potential Estate Tax


Year-End Tax Planning For Individuals

Posted on November 27th, by Big Chief in Blog. Comments Off

Year-End Tax Planning For Individuals By Gregory W. Beck, CPA

In most years, taxpayers adopt a strategy of deferring income, but with the Bush-era tax cuts set to expire on December 31, 2012, income tax rates and capital gains taxes set to rise, and a 0.9 percent Hospital Insurance (HI) tax applicable to earnings of self-employed individuals or employee wages in excess of $200,000 ($250,000 if filing jointly) effective January 1, 2013, it might make more sense to accelerate income into 2012 instead of deferring it to 2013.