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Lynda Starzman

The American Taxpayer Relief Act of 2012

With the “fiscal cliff” pending at year end it was most difficult to do year end tax planning. It is difficult enough to operate a business and plan a budget but this made things extremely difficult.

The American Taxpayer Relief Act of 2012 has now been passed with the following changes:

The first and most welcome change is that Bush Tax Cuts have been made permanent. The only bad part of this is it increases the national debt by 4.2 trillion dollars. Currently though it helps the average tax bill for most taxpayers.

SOME OF THE PERMANENT TAX CUTS AFFECTING… Continue reading