The American Taxpayer Relief Act of 2012 (the “Act”) was passed by the United States Congress on January 1, 2013 and signed into law by President Obama on January 2, 2013. The following provisions of the Act should be of interest to exempt organizations and donors seeking deductions for charitable contributions.
Individual Income Tax Rates -
The Act permanently extends the lower individual income tax bracket for taxable years beginning after December 31, 2012. Lower tax rates apply for income at or below $400,000 for individual filers, $425,000 for heads of households, and $450,000 for taxpayers that are married and filing jointly. Income exceeding these thresholds is subject to a rate of 39.6 percent....
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Topics: American Taxpayer Relief Act, Charitable Donations, Fiscal Cliff, Income Taxes, IRA Rollovers, Itemized Deductions, S-Corporation, Tax Rates
Published In: Administrative Agency Updates, Elections & Politics Updates, Finance & Banking Updates, Nonprofits Updates, Tax Updates
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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