• Turner's Tax Service
  • Contact Us
  • Directions
  • Recent Tax Updates
  • Fees and Policies
  • Forms

MORE INFORMATION ABOUT THE NEW TAX ACT

1/17/2013

0 Comments

 
More information has become available about the American Taxpayer Relief Act of 2012. 

The marriage penalty relief was extended permanently.  There will continue to be no tax advantage to remaining single. 

In lieu of taking a required minimum distribution, a taxpayer over 701/2 may make a charitable distribution from their IRA in January 2013 and have it considered as being made in December 2012 and any portion of a distribution from an IRA taken in December 2012 may be treated as a charitable contribution if the distribution is transferred to a qualifying charity before February 1, 2013.

Businesses will continue to have the option to expense up to $500,000 in capital assets rather than depreciating them and 50% bonus depreciation was extended through 2013.

The IRS has delayed the start of filing until January 30th (that's just a one week delay) but has announced a longer delay for those filing certain forms and schedules.  The two that will impact many clients of Turner's Tax Service are the residential energy credit form and the depreciation schedule.  The IRS has given no date for accepting those returns as yet - their announcement just said late February and perhaps even into early March.  Returns can be prepared and readied for filing once the IRS gives the go ahead, so please schedule your appointment or mail your material as soon as you have all collected.
0 Comments



Leave a Reply.

     

    Federal and state tax laws and regulations change regularly.  As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you.

    Archives

    January 2025
    June 2023
    December 2022
    July 2021
    January 2021
    December 2020
    April 2020
    March 2020
    October 2019
    January 2019
    November 2018
    June 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    July 2017
    May 2017
    April 2017
    January 2016
    June 2015
    May 2015
    July 2014
    March 2014
    December 2013
    November 2013
    October 2013
    September 2013
    February 2013
    January 2013
    August 2012
    January 2012
    June 2011
    August 2010
    January 2010
    September 2009

    Categories

    All

    RSS Feed

Proudly powered by Weebly