We have become accustomed to an ever-changing tax code.  Learning new rules every year is a standard requirement for effective tax planning. This year, however, the situation is more complicated. The Bush-era tax cuts (passed in 2001 and 2003 and extended for two additional years in 2010) are scheduled to expire at the end of 2012.
Congress will have to make a decision about taxes even as it is facing other important issues – such as the massive federal debt, entitlement spending, and a still struggling economy.
When the rules are changing, there are pitfalls and opportunities that can make a difference in the taxes you pay. Tax planning for 2012 and 2013 is absolutely essential if you want to minimize your tax bill. We have issued our 2012 Midyear Tax Planning Update which is meant to encourage you to begin a midyear tax review of your own situation at this critical point in the world of taxes. Not every suggestion made will be appropriate for you and strategies not mentioned may be a wiser choice in your situation.
If you would like to receive a copy of our 2012 Midyear Tax Planning Update, please call our office at (317) 782-3070 or email [email protected].
Sincerely,
Greg Simons, CPA