The American Taxpayer Relief Act of 2012 was signed into law by the President on January 2, 2013. The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The bill also extends unemployment insurance, delays for two months a series of automatic cuts in federal spending, permanently “patches” the alternative minimum tax (AMT), and provides for a maximum estate tax of 40 percent with a $5 million exclusion.

Click here for a detailed look at the following aspects of the new legislation.

•Framework of Agreement
•Sunsets Affecting Individuals
•Income Tax Rates for Individuals
•Pease Limitation
•Personal Exemption Phaseout
•Capital Gains/Dividends Sunsets
•Alternative Minimum Tax
•Individual Credits/Deductions
•Education Sunsets
•Business-Specific Sunsets
•Federal Estate, Gift and GST Taxes
•Tax-Exempt Bonds

As always, our goal is to keep you up to date on the latest changes to the tax laws that could affect you, your family and your business. Please contact us at 480-355-1100 for more information about any of these recent developments. We would be happy to provide further information.