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The New Year’s celebrations are over.
It’s on to 2013.
Will this be unlucky 2013 for taxpayers?
We wrote earlier how there are 8 Reasons You Will Pay More Taxes in 2013…Guaranteed.
We also pointed out Why the Fiscal Cliff is Fiscally Irresponsible.
The reality is there will be tax increases. … Continue reading »
For 2011 and 2012, the federal estate tax exclusion is $5 million. For taxable estates in excess of $5 million, the highest federal tax rate is 35%. If there are no changes to the law, the federal estate tax exclusion will decline back to $1 million in 2013 and the highest federal estate tax bracket will be 55%.
The Bush era tax cuts are expiring. Here are some of the key tax rates for 2010 and 2011:
Ordinary Income 35% 39.6% Long Term Capital Gains 15% 20% Qualifying Dividends 15% 39.6% Estate Tax 0% 55%
Unless Congress decides to do something different, we are stuck with these tax rates. The numbers may need a little explanation.