Tackling the American Taxpayer relief Act of 2012 in 5 Easy Steps

Our friends over at Ed Slott’s website www.irahelp.com sent us a really great little one sheet last week and we wanted to share it with you!  Ed Slott is one of our favorite radio guests and one of the top IRA experts in the country.  We’ll break up the information for you over the next few days, and we hope you find it as useful as we did!

Step # 2 Plan with HIGHER taxes in mind.

The overall limitation on itemized deductions is back for those making $250,000 (single) and $300,000 (married filing jointly); personal exemptions will be reduced at the same limits; the payroll tax holiday expired with Social Security taxes going back to 6.2% from 4.2%; and the 3.8% healthcare surtax kicks in this year on net investment income of over $200,000 (single) and $250,000 (married filing jointly) along with a 0.9% surtax on wages at the same limits.

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