Well after a little more searching, it looks like the $400,000 , $425,000 and $450,000 may apply to Taxable Income instead of Adjusted Gross Income. This article by Joseph Henchman in this blog by The Tax Foundation talks about taxable income for cutoffs where the tax rates will increase. This makes more sense than using AGI, and means itemized deductions can get you below the tax rate cutoffs:http://taxfoundation.org/blog/details-fiscal-cliff-tax-deal?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%253A+TaxPolicyBlog+(Tax+Foundation+-+Tax+Foundation’s+%2522Tax+Policy+Blog%2522)I am sure we will hear more as things go along!Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: Congress approves ‘fiscal cliff’ measure
Well what do you know? Congress finally found a road down the fiscal cliff, passing a compromise bill saving taxes for those making under $400,000 (single) and $450,000 (married) at the eleventh hour (actually the 13th hour, since it is already 2013 and it was passed on New Year’s Day!) See this article in the Washington Post by Lori Montgonery and Rosalind S. Helderman for some more details:http://www.washingtonpost.com/business/economy/house-members-meet-to-review-senate-passed-cliff-deal/2013/01/01/6e4373cc-5435-11e2-bf3e-76c0a789346f_story.htmlNow we have to know is it taxable income or adjusted gross income and what other deductions have been changed, etc. When Obama signs it into law we will find all that out.Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA General Musings: New Year’s History: Festive Facts
Here are some fun facts about the celebration of New Years Day from History.com:http://www.history.com/news/new-years-history-festive-factsAnother fun fact – Gene Simmons of the rock group Kiss is now giving investment advice-the apocalypse is upon us! Anyway have a safe and Happy New Year – watch lots of football and stay off the road if you can! Remember, for financial, accounting and tax musings, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com