Get ready for tax increases in 2013 under Affordable Care Act

Dear Client, Even if Congress were to somehow solve its tax extender problems and kick all the EGTRAA and JGTRRA sunsets down the road for another year, the fact remains that under the Affordable Care Act (the Patient Protection and Affordable Care Act, P.L. 111-148, and the Health Care and Education Reconciliation Act of 2010,…

Standard mileage rates for business, medical & moving increase 1¢ per mile for 2013

Dear Client, IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1¢ to 56.5¢ per mile for business travel after 2012. This rate can also be used by employers to reimburse tax-free under an accountable plan, employees who supply their own autos…

Year-end planning: Careful handling of capital gains and losses by individuals can save taxes

Dear Client, Investors face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains. Additionally, if the Bush tax cuts expire, all taxpayers will face higher taxes on investment income and gains, and the vast…