You’ve surely heard of the expiring “Bush Tax Cuts”. It’s big news, and we have blogged about it here. But, what you might not realize is that even if Congress decides to extend those Bush Era tax cuts, there are other changes coming that WILL increase your tax burden for 2013 and the coming years!
It’s true. There are a lot of tax breaks that are going away, and tax rates that are scheduled to increase in 2013. These include everything from increases in Capital Gains taxes (increasing from 15% to 20% in most cases… and up to 39.6% in others!) to decreases in Higher Education credits (decreasing from $2,500 to $1,800), and even changes to Small Business, Payroll and Estate Taxes.
Make no mistake, taxes are going up! There is some hope for you, though! Fredrick James can help you identify potential areas where you can make up for increases in one area with decreases in another area. But, it may take a little advanced planning to be sure that you’re doing everything right throughout this year so that you can qualify for certain deductions and credits on your next tax return. That’s why we recommend taking action now to prepare yourself for what is coming. Schedule a consultation with us as soon as possible. Let’s get started saving you some money!
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