What does our future hold as far as tax increases? What we do know is that the Bush tax cuts will remain through the end of this year.
What we don’t know is if Congress and the next President will extend the tax
cuts before they expire. In conjunction with the United States Supreme Court upholding the health care law on June 28th, we are expected to see tax hikes across the board.
Planning ahead is the best method of defense. Not only will there be tax hikes on
the “rich,” like the 3.8% Medicare surtax on investment income, but also many on
the American family and small business owner. See our articles inside that
detail many of these tax hikes.
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Sharpen your pencils and start planning before 2013 arrives and many of these hikes are potentially put into place. Taking a salary increase may not be a good tax planning tool at the end of the year.
Perhaps recognizing some capital gains in 2012 would be smart planning for you.
Moving some of your investment income to municipal bonds may also be a strategy to consider before year end. Every situation is unique, so be prepared.
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As the saying goes, plan for the worst and hope for the best. We are here to help and have studied the laws. We can help you understand how these tax hikes may
affect you and how you may be able to avoid them. As always, we thank you for your continued support and especially for your many referrals.