2013 Tax Law Update

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As the New Year brings excitement and new opportunity, there is one thing looming not far down the road that may not be the most pleasant for a lot of people. By April 15 this year each and every one of us with any earned income will need to file income tax returns with the IRS and the state. Given the amount of suspense and hostile partisan rhetoric surrounding the so called Fiscal Cliff and what to do with the expiring Bush tax cuts, more than other years, 2012 provided no shortage of debate, skepticism, and in many instances, fear from many about what action or inaction by Congress on the issue of taxes would have on their paychecks and families.

When the smoke cleared on New Year’s Day, it was evident that much of the public’s fear was unfounded- at least as it pertains to their individual paychecks and the amount of their hard-earned money would be going to Uncle Sam. As you begin to tackle your individual income tax returns for tax year 2012, here are some highlights of things to keep in mind*:

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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