The National Directory of Certified Public Accountants

Ask A CPA - Fiscal Cliff Tax Changes

1. 25C Residential Energy Credit Extended thru 12/31/13

2. Alternative Minimum Tax Patch is Permanent

3. Bonus Depreciation Extended for 2013

4. Business tax breaks extended

5. Capital Gains and Dividends Rates

6. Contributions of capital gain real property made for conservation purposes

7. Coverdell Education Savings

8. Credits Extended for One Year Only

9. Debt Forgiveness of Residence

10. Depreciation provisions modified and extended

11. Direct Charitable Donations from IRA Extended

12. Earned Income Tax Credit

13. Employer Provided Mass Transit Benefits

14. Estate Tax Exemption Remains at $5.12 Million

15. Estate Tax Portability

16. Income tax rate increases to 39.6% for "Wealthy"

17. Individual Income Tax Rates

18. Mortgage Insurance Premiums

19. New Markets Tax Credit

20. Official Name of "Fiscal Cliff" Legislation

21. Phase -out of Itemized Deductions

22. Phase-Out of Personal Exemptions Reinstated

23. Qualified Leasehold Improvements

24. Sales Tax Deduction Extended

25. Section 179 Limits Revised

26. small business stock provisions

27. Social Security Payroll Tax Cut Lapses

28. Tax Credits Extended for 5 years

29. Teachers' classroom deduction extended

30. The above the line Tuition deduction

31. Unemployment Benefits Extended

32. Various Tax Credits Extended

33. What provisions would have expired had Congress not made a retroactive reinstatement?

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