READY FOR THE FALLOUT FROM THE FISCAL CLIFF TAX DEAL?? BILL WALSTON
ust as we went tumbling over the "fiscal cliff," Congress stepped in and approved the 150+ page American
Taxpayer Relief Act of 2012 (AFTRA). What does this mean for you and your business??
The most significant provisions of the Act made the Bush tax cuts permanent for certain taxpayers. Even so,
2013 will bring about higher taxes for most, if not all, taxpayers. The wealthy will face higher tax rates and
increased limitations on deductions, while all working taxpayers will see their take home pay decrease since
the payroll tax holiday was not extended. The estate and gift tax exemptions remain the same but will face a
new rate of 40%.