Online Advisor
Timothy W. Tuttle & Associates
 

Volume 9 Edition 1.5                 Please email comments to newsletter@tuttlefirm.com            January 23, 2013

Special Edition: The American Taxpayer Relief Act of 2012

What it means to You!

The American Taxpayer Relief Act of 2012, enacted January 2, 2013, was passed by the United States Congress on January 1, 2013, and was signed into law by President Barack Obama the next day.

The Act centers on a partial resolution to the United States fiscal cliff by addressing the expiration of certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (known together as the "Bush tax cuts"), which had been temporarily extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Act also addressed the activation of the budget sequestration provisions of the Budget Control Act of 2011.

A compromise measure, the Act gives permanence to the lower rate of much of the Bush tax cuts, while retaining the higher tax rate at upper income levels that became effective on January 1 as a result of the expiration of the Bush tax cuts. The Act also establishes caps on tax deductions and credits for those at upper income levels. It does not tackle federal spending levels or debt control to any great extent, instead leaving that for further negotiations and legislation. The American Taxpayer Relief Act passed by a wide majority in the Senate, with both Democrats and Republicans supporting it.
 

Please Review These Helpful Advisories

To help you with the implications of the new Act, and to assist you with your tax planning, we have assembled the following special advisories (just click on any one of the links below to view the advisory on the topic):

• American Opportunity Credit

• AMT Relief

• Business Extenders

• Energy Related Tax Breaks

• Expense and Depreciation

• Individual Extenders

• Limits on Deductions

• Overview of the Tax Provisions

• Roth Conversions

We hope these additional, special advisories are helpful in terms of better informing you about the implications of this important Act.  If you have any questions, or we can be of further help and assistance, please contact our office.

The Tuttle Firm

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The information contained in this newsletter is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information on anything in ONLINE ADVISOR, or for assistance with any of your tax, business, or financial strategy concerns, contact our office.

Timothy W. Tuttle & Associates
www.tuttlefirm.com