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.
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.
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