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Unemployment Benefits Extended
Asked Wednesday, January 02, 2013 by an anonymous userCPA Answer:
Unemployment benefits, which were set to expire at the end of 2012, are extended for the long-term unemployed through the end of 2013
Official Name of "Fiscal Cliff" Legislation
Asked Wednesday, January 02, 2013 by an anonymous userCPA Answer:
H.R. 8, “the American Taxpayer Relief Act.” was passed by the Senate early on Jan. 1, 2013, by a vote of 89 to 8 approved Late the same day, the House of Representatives followed suit and passed the bill by a vote of 257 to 167.
Sales Tax Deduction Extended
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
The state sales tax deduction was reinstated for 2012 and extended for 2013
Capital Gains and Dividends Rates
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
Capital gains and Qualified Dividend rates remain at 15% for individuals with income up to $400,000 and families up to $450,000. Capital gains and Dividends for income exceeding those limits would be taxed at 20%
Bonus Depreciation Extended for 2013
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
Bonus Depreciation was extended for an additional year on new property and equipment
Tax Credits Extended for 5 years
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
The $1,000 child tax credit, the enhanced earned income tax credit, and the $2,500 American Opportunity college tuition credit has been extended
Various Tax Credits Extended
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
Tax Credits extended include the Returning Heroes and Wounded Warriors Work Opportunity Tax Credit, the New Markets Tax Credit, The Low-Income Housing Tax Credit, the Research and Development Tax Credit and tax credits for Clean Energy
Estate Tax Exemption Remains at $5.12 Million
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
The first $5.12 million of one' estate valuation remains exempt from federal estate tax and will be indexed for inflation but the top tax rate on estates was changed from 35% to 40% for 2013.
Alternative Minimum Tax Patch is Permanent
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
Finally Congress has permanently addressed the alternative minimum tax issue and indexed the annual exemption limits for inflation, retroactive for 2012.
Credits Extended for One Year Only
Asked Tuesday, January 01, 2013 by an anonymous userCPA Answer:
Tax credits for research and development costs, renewable energy such as wind energy were extended for one year only