Tag: The 2012 Taxpayer Relief Act
The 2012 Income Tax Act contains several provisions that affect individual tax payers.
In this segment, Gregory W. Beck, CPA explores the changes affecting individual tax rates, the new 39.6% rate, the new limitation on itemized deductions and personal exemptions as well as other provisions.
2012 Taxpayer Relief Act Protects Key Individual Tax Breaks By Gregory W. Beck, CPA
On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act (2012 Taxpayer Relief Act), which the President has vowed to sign as soon as it is ready for his signature. The 2012 Taxpayer Relief Act will prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire, but will also increase income taxes for some high-income individuals and slightly increase transfer tax rates from 2012 levels. Further, it extends a host of expired and expiring tax breaks for businesses and individuals.
This Special Study explains the key individual tax breaks, including a continuation of the Bush-era tax rates for most taxpayers and a permanent AMT “patch,” that are provided in the 2012
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