Remember we started 2013 with talk of the “fiscal cliff?” This year has seen some significant changes to the income tax code. The fiscal cliff deal – or American Taxpayer Relief Act of 2012 – brought some noteworthy changes to taxpayers, particularly those with an annual income above $200,000.
The year has flown by. As we approach another calendar year-end what impact will these changes have on your tax situation in 2013? For higher income taxpayers, year-end planning will be as important as ever. Take a look at the following charts to see the tax rates that apply to different categories of income. As you can see, this is not a one-size fits all issue. Consult your tax advisor now to help prevent any unexpected tax surprises!