TAX PRO PLUS LA

Education Credit Going Away in 2013?

Unless Congress extends it, the American Opportunity Tax Credit (AOTC) expires at the end of 2012, leaving only the Hope and Lifetime Learning credit for 2013 and subsequent years.

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Year-End Tax Planning Moves for Individuals

Uncertainty dominates year-end tax planning this year. Unless Congress acts, the Bush-era tax cuts will expire and bring higher tax rates and the loss of many deductions and credits starting in 2013. More individuals will be snared by the alternative minimum tax, which has not been patched for 2012 as it has for many years in the past.

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Will Capital Gains Be Changed?

Currently, capital gains rates for the sale of assets held over one year are taxed at 15% (0% to the extent a taxpayer is in the 15% or lower regular tax bracket), compared with a top tax of 35% for ordinary income. Without Congressional action, these rates will increase to 20% (18% for assets held over 5 years) in 2013.

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Will Itemized Deductions Be A Thing of the Past?

With the national debt and tax simplification taking front burners these days, there has been a great deal of discussion by both political parties and bi-partisan groups about doing away with or substantially altering itemized deductions. Itemized deductions have been around for as long as most of us can remember, and altering these deductions would have a profound effect on many taxpayers.

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Casualty Losses Effects on Taxes

The following is a brief overview of casualty losses and how they might impact your tax return. The information provided is by no means complete; contact this office for further details.

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