As the khajane 2 challan November presidential election draws near and year-end tax planning draw near, taxpayers (and tax professionals) face unique challenges. If Congress and the White House fail to act by Dec. 31, the favored Bush-era tax cuts and business and investment tax cuts will expire, raising the income tax rate to the last level. in 2022.
Unfortunately, our current political and legal environment adds to the uncertainty. This is because neither Republicans nor Democrats are willing to take action until they know who will take over the White House next year. This political stalemate coupled with a fragile economy and the khajane 2 challan possibility of higher tax rates is known as Taxmageddon. What does all this mean for taxpayers? How will the 2012 tax filing season be affected? And how should taxpayers plan their taxes in 2013? Our best advice is to stay informed about changes that could affect your business and personal tax situation.
Stay informed
Many good tax provisions will expire at the end of 2011 unless Congress takes action and passes the changes retroactively by Dec. 31. Many taxpayers will be affected by the following expiration requirements when they file. List 2012 income tax returns. In the past, many interim rules have been extended. But this year, there are no guarantees that Congress will act in time.
1. Increase Alternative Minimum Allowance (AMT Patch)
2. List of State and Local Tax Deductions
3. PMI (Senior Mortgage Insurance) Deduction Items of the Applicant
4. Offer Tax-Free IRA Withdrawals for Charitable Contributions (for those over 70 ½ years old)
Other provisions A few clauses expire at the end of 2012 and Congress is unlikely to amend them before the presidential election. The IRS warns that year-end law changes can become an administrative nightmare and often lead to delays in filing claims. while the taxpayer The IRS (and the IRS) is still hopeful about tax reform. We may not see progress until the end of December. This makes tax planning almost impossible. Expiration terms include the following:
1. Bush-Era Tax Cuts for Marginal Income Tax Rates
2. Reduced tax rates on dividends and long-term capital gains.
3. Marriage Relief Provisions
4. Extend your child tax refundable credit. adoption and income credit
5. Suspension of cancellation of deductions
6. A payroll tax cut that lowers employees’ social security tax share by 2%, and
7. Various Temporary Tax Provisions previously expanded (tax expansion clauses) affecting individuals, businesses, charities, energy, community development, and disaster relief
What’s new in 2022?
Although there is uncertainty about what will happen to the expiring and expiring tax rules soon. But the latest Supreme Court ruling in favor of the Affordable Care Act will affect taxpayers starting Jan. 1, 2013. The ruling requires all Americans to purchase health insurance or pay a 2014 penalty to fund their income. health care mission The following two items will come into effect in 2013.
Medicare Tax Increase: Beginning in 2013, high-income taxpayers will be subject to an additional 0.9% income tax. This tax applies to income above a single person’s salary and self-employment greater than $200,000, or for couples. Married more than $250,000, there is no employer matching because this tax increase is paid by all employees or self-employed persons, there is an employer withholding tax. But if you are self-employed You must include this tax in your quarterly tax estimates.
Investment Tax Increase: Beginning in 2013, high-income individuals with net investment income are taxed at 3.8%, whichever is lower: net investment income or adjusted gross income. and then the corrected taxpayer exceeds $200,000/ portion of the $250,000 net investment threshold. Income includes interest, dividends, installments, royalties, and rent. passive income business Profit from selling securities and other net income from the sale of the property.
