Now we can relax- We Avoid the so called-Fiscal Cliff

By
Real Estate Agent with RE/MAX Real EstateGroup.com
https://activerain.com/droplet/NQk

 

 

The U.S. Senate passed the extension of the “American Taxpayers Relief Act of 2012” on a bipartisan 89-9 vote late January 1st, 2013 extending  the tax rates for households earning less than $450,000  and $400,000 for individual filers.   According to NAR Households earning above these limits tax rate would slip back to where they were in 2003.  The Taxpayers in the highest bracket would pay 39.6% up from 35% in 2012.  According to NAR The tax rate on Capital gains will also stay the same.  Read the full article from NAR. Happy "2013".

 Remember to always consult with your CPA, Attorney or financial professional for advice, as the current law but, it appears that the current law will continue unchanged and that is good news.

TITLE II—INDIVIDUAL TAX EXTENDERS

Sec. 201. Extension of deduction for certain expenses of elementary and secondary

school teachers.

Sec. 202. Extension of exclusion from gross income of discharge of qualified

principal residence indebtedness.

Sec. 203. Extension of parity for exclusion from income for employer-provided

mass transit and parking benefits.

Sec. 204. Extension of mortgage insurance premiums treated as qualified residence

interest.

Sec. 205. Extension of deduction of State and local general sales taxes.

Sec. 206. Extension of special rule for contributions of capital gain real property

made for conservation purposes.

Sec. 207. Extension of above-the-line deduction for qualified tuition and related

expenses.

Sec. 208. Extension of tax-free distributions from individual retirement plans

for charitable purposes.

Sec. 209. Improve and make permanent the provision authorizing the Internal

Revenue Service to disclose certain return and return information

Posted by

Peggy

Peggy  Harmeyer & Associates

RE/MAX Real Estate Group

932 Shadyview Blvd.

Pleasant Hill, Ia 50327

Licensed in the State of Iowa

Peggy : 515-208-8132 

Caitlyn: 515-321-3821

Peggy@PeggyHarmeyer.com

An Independently Owned and Operated Member RE/MAX Real Estate Group

Information is believed to be accurate but should not be relied on without verification.

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