We had taken a sabbatical from publishing our monthly news letter for the last two months as most of you understood we were busy with the 2011 tax filing season.
As we wind down and gear up for 2012, we would like to share some potential changes that may affect you.
Taxpayers face expiration of the current major tax cuts in place as we did in 2010 unless Congress decides to extend the cuts pass year 2012.
Items of concern are whether Congress would allow tax rates to rise as scheduled that affect income, capital-gains and estates or come up with other alternatives.
Below is the 2012 tax rates.
Taxable Income
Rate Couples Filing Jointly Single Filers
10% $17,400 and below $8,700 and below
15% 17,401 – 70,700 8,701-$35,350
25% 70,701 – 142,700 35,351-85,650
28% 142,701 – 217,450 85,651-178,650
33% 217,451-388,350 178,651-388,350
35% above $388,350 above $388,350
Have any questions, please call or e-mail us. We are a neighbor hood firm near Nora Plaza in the Indianapolis/Carmel area. Our clients like talk accounting, tax, bookkeeping, payroll and Quick Books while strolling the Monon Trail.
