Tax Tips from   Smith, Sullivan & Company, P.C January 2013
Last-minute action saved us from going over the cliff!
 
Phew!  We avoided falling off the fiscal cliff ... here's how the American Taxpayer Relief Act of 2012 will affect you. 

 

You heard the rumblings about the fiscal cliff. Although many consequences of a possible tumble were averted, we would like you to be aware of the impact of the bill, The American Taxpayer Relief Act of 2012 (ATRA), that was passed.


Some (not all) highlights for individual taxpayers and business owners:

Most taxpayers avoided a tax increase - rates did rise for top earners. Taxpayers with taxable income greater than $400,000 for single filers, $425,000 for head-of-household filers, and $450,000 for married filers, will see their top rates increase to 39.6%.



The payroll tax holiday expired at the end of 2012 and was not extended.



Higher capital gains rates for top earners. For an individual taxpayer whose income is at or above $400,000 (or $450,000 for married taxpayers filing jointly) the rate for both capital gains and dividends is capped at 20% (up from 15% in 2012).


   

New 2013 Standard Mileage Rates

 


 
Linda Smith and Maureen Sullivan
 
Questions?

Call us at 508.871.7178

or email: [email protected] 

or go to: www.smithsullivancpa.com  

 

At Smith, Sullivan & Company, PC, our dedicated professionals listen to your auditing and accounting, tax preparation, and small business questions. We provide personalized solutions to you, your family, business or nonprofit, all at a reasonable price.

 

Our accounting team has extensive experience. We understand your frustration when you tell us that you've paid top dollar for accounting services - only to learn that there's a junior-level person working on your engagement. Or, that it's mid-March and your accountant isn't returning emails or phone calls because your files have been put on the back burner so that they can focus on the tax return crunch. At Smith, Sullivan & Company, PC we only send senior-level accountants into the field and they remain accessible to you throughout the year. A dedicated team is assigned year-round specifically to our nonprofit clients, so that deadlines are met on time and your questions are never ignored.

 

Established in 1993, Smith, Sullivan & Company, PC is for you if you value communication, one-on-one attention, and "hands-on" expertise from experienced senior-level accountants. Whether you have a project to bid on now, or in the near future, contact us to schedule an introductory meeting, we'd love to meet you!   

 

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