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January 2013

Issue: 44

 

Tax Season Has Arrived!

 

Happy New Year!  I hope everyone had a wonderful holiday season.  Of course, the new year also means another tax season is upon us. It is time to start getting your tax information organized to file your 2012 tax return. We are currently taking appointments to prepare 2012 tax returns. Most of you should have your W-2's and other tax documents by the first week of February and we encourage you to call now to schedule an appointment to get your taxes prepared. Last year my calendar booked up really fast so call early to schedule your tax meeting. Please download our Income Tax Data Itemizer and fill out the areas that apply to you prior to your appointment. If you are a small business owner, then please visit the forms section of our website to download the worksheets to fill out to record the activity in your small business for 2012. It is much easier for us to prepare your tax return if these forms are completed when you come in for your appointment. If you have any questions when you are filling out the forms, please contact us and we can answer your questions. Our extended busy season hours are Monday through Wednesday 9am - 8pm, Thursday and Friday 9am - 7pm, and Saturday hours are 10am - 3pm. Feel free to call anytime between these hours with questions or to make an appointment. For those that live out of state or prefer not to make an appointment, the option is available for you to mail, email, or drop off your tax information.

 

I have hired a new CPA, Brian Egerman, as well as a new admninistrative assistant, Doreen Stockman, to help during busy seaosn. They join Rick Kleinbaum and Jared Miller who both continue to work in the office year-round.  We are all happy to help you with your tax returns and answer any questions you might have.

 

It has been a very exciting new year from a tax standpoint.  A last minute tax deal was reached by congress on New Year's Day to avoid the fiscal cliff and make a few tax changes for 2013.  Despite all of the concerns sorrounding the fiscal cliff, the tax deal struck makes very few changes to the tax code and simply extends the tax laws in affect for 2012 to 2013 and beyond.  The major changes include a higher tax rate of 39.6% and capital gains rate of 20% for individuals with taxable income over $400,000 (couples over $450,000).  Individuals with income over $250,000 (couples over $300,000) will be subject to a limit on itemized deductions and exemptions.  Individuals within come over $200,000 (couples over $250,000) will see a 3.8% increase to their capitals gains rate.  The social security rate for employees also increased by 2%.  The social security rate had decreased for the 2011 and 2012 tax years and now is reverting back to the previous rate of 6.2%.  I know many of you will have questions about the new tax laws and how they will affect you.  I have included a couple articles in this email that may answer some of your questions.  I also plan on reviewing these changes with everyone as we prerpare your 2012 tax returns over the next couple of months.

 

Another issue resulting from the fiscal cliff deal is that certain taxpayers will not be able to file their tax returns until late February.  I included an article below with more details about this and who will be affected.  Most taxpayers will not be affected by this, however.


As always, if you have any questions or concerns, please don't hesitate to give me a call or shoot me an email.  I look forward to seeing everyone over the next couple of months.

 

Enjoy this month's newsletter!

 

IRS Plans Jan. 30 Tax Season Opening For Most 1040 Filers, Some Filers Delayed Until Late February

 

Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.

 

Here's What's in the Fiscal-Cliff Deal

 

Congress on New Year's Day approved legislation to address the year-end tax hikes and spending cuts known as the fiscal cliff. The measure passed the House late on Tuesday after the Senate approved it earlier in the day. Here's what's in it:
  • Higher taxes on individuals earning $400,000 and on families making $450,000 or more. Under that threshold, the Bush-era tax cuts will be permanent for all but the wealthiest households. The $450,000 threshold for families is a significant increase from Democrats' initial proposal to raise taxes on Americans making $250,000 or more, but it is lower than Republicans' earlier proposal to raise taxes on households making $1 million or more.    

Read more... 


In This Issue
Jan 30th Tax Season Opener
What's in the Fiscal Cliff
Fiscal Cliff Secrets
Upcoming Tax Deadlines

Secrets Of The Fiscal Cliff Deal

  

And just like that, America's long national nightmare is over. For a few weeks.
  

A fiscal cliff deal was reached in the wee hours of last night (when you've got two kids under the age of three, 11 PM constitutes the wee hours of the night), and while the bullet points on the primary tax aspects of the deal have been well covered, here's a quick summary of the high-profile items.

 

Upcoming Tax Deadlines

Please let us know if there is anything we can do for you!!

 

Vetscher & Associates, LLC

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