After spending last week in Fort Lauderdale at a Conference and enjoying wonderful weather with temperatures 72-74, I have been experiencing the arctic shock of Ohio’s deep freeze!  Consequently, I have spent most of the weekend  wrapped in a blanket reading  a good book or watching TV.

I received some information about the changes or continuances  in the 2013 tax code after  the passage of the  2012 American Tax Relief Act, which  may be of  interest  to you  this tax season.

It may be disappointing for some employees, but  the two-percentage-point reduction in payroll taxes was allowed to expire at the end of 2012.
I actually heard  some  good news that relates to most middle class Americans--the good news is this group escaped  higher individual tax rates .

Below are just some of the changes and continuances for 2013 tax return I thought may be of interest.

1.      There will be a Permanent AMT relief for many tax payers. The exemption amount reaches $78,750 for married couples and $50,600 for individuals in 2012, which will be indexed to inflation. Without this patch, the 2012 limits would have been set at $33,750 for individual and $45,000 for married taxpayers.
2.      The ability to contribute up to the $2,000 maximum to Coverdell Education Savings Accounts  (EDAs) have permanently been extended.

3.      ATRA also extended some older energy provisions for  individuals  and businesses (some which had expired in 2011).
Those  70 ½  who own an IRA  may contribute up to $100,000 IRA  tax free gift to a to a qualified charity
5.      The deduction of mortgage insurance premiums will still be treated as qualified residence interest.



These are just summary of some of  the changes and continuances, which I noted  for 2013. .  Visit www.irs.gov/individuals for more information.

Stay warm,

Dee

dee@themilestonecenter.com

Securities offered through Wall Street Strategies, Inc. 362 N. Main Street Huron, OH 44839 (419) 433-5291 Member FINRA & SIPC

 

 

 

 

After spending last week in Fort Lauderdale at a Conference and enjoying wonderful weather with temperatures 72-74, I have been experiencing the arctic shock of Ohio’s deep freeze!  Consequently, I have spent most of the weekend  wrapped in a blanket reading  a good book or watching TV. I received some information about the changes or continuances  in the 2013 tax code after  the passage of the  2012 American Tax Relief Act, which  may be of  interest  to you  this tax season. It may be disappointing for some employees, but  the two-percentage-point reduction in payroll taxes was allowed to expire at the end of 2012. I actually heard  some  good news that relates to most middle class Americans--the good news is this group escaped  higher individual tax rates . Below are just some of the changes and continuances for 2013 tax return I thought may be of interest. 1.      There will be a Permanent AMT relief for many tax payers. The exemption amount reaches $78,750 for married couples and $50,600 for individuals in 2012, which will be indexed to inflation. Without this patch, the 2012 limits would have been set at $33,750 for individual and $45,000 for married taxpayers. 2.      The ability to contribute up to the $2,000 maximum to Coverdell Education Savings Accounts  (EDAs) have permanently been extended. 3.      ATRA also extended some older energy provisions for  individuals  and businesses (some which had expired in 2011). Those  70 ½  who own an IRA  may contribute up to $100,000 IRA  tax free gift to a to a qualified charity 5.      The deduction of mortgage insurance premiums will still be treated as qualified residence interest. These are just summary of some of  the changes and continuances, which I noted  for 2013. .  Visit www.irs.gov/individuals for more information. Stay warm, Dee dee@themilestonecenter.com Securities offered through Wall Street Strategies, Inc. 362 N. Main Street Huron, OH 44839 (419) 433-5291 Member FINRA & SIPC