This time of year we start talking to our clients about tax planning, but this year things are taking a somewhat different twist. With the November elections still to be determined, and additional parts of the Affordable Care Act going into effect in 2013, below are a couple of new things we’re thinking about this planning season.
- Are you considering selling stocks, bonds, or investment real estate at a considerable gain? If so, you may want to consider doing it at the end of 2012, because in 2013, you may find yourself paying an additional 3.8% tax on those gains.
- If you own a business, are you considering a bonus for yourself? If so, doing that in 2012 may save you from paying an additional .09% in Medicare tax which goes into effect for certain taxpayers in 2013.
- If you’re under age 65, it may pay to push as many deductible medical expenses into 2012 as possible, as less of them will be deductible in 2012.
These are just a few of the items in the wind for the end of this year. If you’re a client of ours, expect to see a tax planning letter with even more ideas in the coming weeks.