“Year-end tax planning is always complicated by the uncertainty that the following year may bring and 2012 is no exception. Indeed, year-end tax planning in 2012 is one of the most challenging in recent memory.
A combination of events – including possible expiration of some or all of the Bush-era tax cuts after 2012, the imposition of new so-called Medicare taxes on investments and wages, doubts about renewal of many tax extenders, and the threat of massive across-the-board federal spending cuts – have many taxpayers asking how can they prepare for 2013 and beyond … and what to do before then.
The short answer is to quickly become familiar with the expiring tax incentives and what may replace them after 2012 … and to plan accordingly. Year-end planning for 2012 requires a combination of multi-layered strategies, taking into account a variety of possible scenarios and outcomes(CCH tax briefing 2013).”
If you have questions or concerns about your tax situation in 2013 and beyond, speak to your advisor and start your planning now.
If we can help, call our office at 412.521.2732.