Tax Law Changes
The most frequently asked tax questions related to Tax Law Changes
Alternative Minimum Tax Exemption Amounts
Asked Thursday, January 17, 2013 by an anonymous userCPA Answer:
The (AMTE) Alternative Minimum Tax Exemption amount is $53,900 ($83,800, for married couples filing jointly),
Earned Income Credit - Maximum amount - 2013
Asked Thursday, January 17, 2013 by an anonymous userCPA Answer:
The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have three or more qualifying children, up from a total of $5,891 for tax year 2012.
Adoption Credit - 2013
Asked Thursday, January 17, 2013 by an anonymous userCPA Answer:
For taxable years beginning in 2013, the credit allowed for an adoption of a child with special needs is $12,970. For taxable years beginning in 2013, the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $12,970.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $194,580 and is completely phased out for taxpayers with modified adjusted gross income of $234,580 or more.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $194,580 and is completely phased out for taxpayers with modified adjusted gross income of $234,580 or more.
Lifetime Learning Credit Phaseout - 2013
Asked Thursday, January 17, 2013 by an anonymous userCPA Answer:
For taxable years beginning in 2013, a taxpayer's (MAGI) modified adjusted gross income in excess of $53,000 ($107,000 for a joint return) is used to determine the reduction in the amount of the Lifetime Learning Credit.
Estate - Unified Credit - 2013
Asked Thursday, January 17, 2013 by an anonymous userCPA Answer:
For an estate of any decedent dying during calendar year 2013, the basic exclusion amount is $5,250,000 for determining the amount of the unified credit against estate tax.
Tax Rates - 2013
Asked Tuesday, January 15, 2013 by an anonymous userCPA Answer:
Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates of 10, 15, 25, 28, 33 and 35 % remain the same as in prior years.
Capital Gains & Dividend Rates - 2013
Asked Tuesday, January 15, 2013 by an anonymous userCPA Answer:
ATRA, extends the current capital gains and dividends rates on income at or below $400,000 (individual filers), $425,000 (heads of households), and $450,000 (married filing jointly) for tax years beginning after December 31, 2012.
For income in excess of $400,000 (individual filers), $425,000 (heads of households) and $450,000 (married filing jointly), the rate for both capital gains and dividends is 20 percent.
For income in excess of $400,000 (individual filers), $425,000 (heads of households) and $450,000 (married filing jointly), the rate for both capital gains and dividends is 20 percent.
Personal Exemption Phaseout - 2013
Asked Tuesday, January 15, 2013 by an anonymous userCPA Answer:
Personal exemptions allow a certain amount per person to be exempt from tax. Due to the personal exemption phaseout , the exemptions are phased out for taxpayers with adjusted gross income (AGI) above a certain level.
ATRA, permanently extends the repeal of the personal exemption phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012.
Taxpayers with income above the listed amounts will be subject to the phaseout
ATRA, permanently extends the repeal of the personal exemption phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012.
Taxpayers with income above the listed amounts will be subject to the phaseout
Itemized Deduction Phaseout - 2013
Asked Tuesday, January 15, 2013 by an anonymous userCPA Answer:
The American Taxpayer Relief Act of 2012 permanently extends the repeal of the Itemized Deduction Phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012.
Taxpayers with income Above the above amounts will be subject to the phaseout.
Taxpayers with income Above the above amounts will be subject to the phaseout.