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Federal Income Tax Update 2012 - 2013

Federal Income Tax Update 2012 - 2013. What’s Changing – What’s Not Presented By Strategic Tax Group Steve Eubanks, EA, MBA www.strategictaxgroup.com. Tax Rates. Same 6 Federal Income Tax Rates That Applied In 2011 Apply In 2012 2013 Tax Rates Return To Higher 2001 Levels.

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Federal Income Tax Update 2012 - 2013

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  1. Federal Income Tax Update2012 - 2013 What’s Changing – What’s Not Presented By Strategic Tax Group Steve Eubanks, EA, MBA www.strategictaxgroup.com

  2. Tax Rates • Same 6 Federal Income Tax Rates That Applied In 2011 Apply In 2012 • 2013 Tax Rates Return To Higher 2001 Levels

  3. Tax Rates – Long-Term Capital Gains and Qualifying Dividends Maximum Rates That Apply:

  4. Alternative Minimum Tax (AMT) • Last AMT Fix Expired At End Of 2011 • Exemption Amounts Schedule to Drop Dramatically in 2012

  5. New Medicare Taxes in 2013 • Additional 0.9% Medicare Payroll Tax For High-Wage Individuals • Medicare 3.8% Contribution Tax On Unearned Income Of High-Income Individuals

  6. Depreciation and Section 179 Expensing

  7. Other Expiring Provisions

  8. Stay Tuned for the Latest Updates • Congressional action is likely • Specific provisions / changes are uncertain For the latest tax updates visit us at: www.strategictaxgroup.com or www.dallastaxpro.wordpress.com

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