MENUMENU
  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • LOGIN
  • SIGN UP FREE

CFO Daily News

MENUMENU
  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • Accounts Payable
  • Credit and Collections
  • Payroll
  • Accounting
  • Benefits
  • Finance Technology
  • More
    • Employment Law
    • Strategy
    • Policy and Culture
    • Fraud
    • Payments and Transactions
    • Budgeting and Forecasting
    • Banking
    • Staff Management
    • Cost Control
    • Supply Chain
    • IT

4 reasons to start planning for the 2013 tax season

Rich Coleman
by Rich Coleman
October 2, 2012
  • Accounting
  • Benefits
2 minute read
  • SHARE ON

What one word best describes the 2013 tax season? Chaotic? Uncertain? Worrying? All of the above?

Unfortunately, the only certain thing about the 2013 tax season is just how uncertain it’s going to be. With the Supreme Court upholding the Affordable Care Act and provisions in the Bush tax cuts set to expire, not only will tax season be challenging for your firm, but your own personal taxes will be challenging as well.

And that goes for your employees, too. So the solution is simple: Start preparing now!

Accounting Today provides a list of reasons why you should be making tax preparation a top priority if you aren’t already.

6 months to become an expert

Experts in the industry agree that good tax planning takes an average of six months. And in six months it’ll be March 2013 … from that perspective, there isn’t much time to dilly dally.

Six months prep can guarantee that experts have time to help you get all available opportunities for your firm, determine the best approach and implement the plan.

You can still benefit from tax breaks

With provisions from the Bush tax cuts set to expire at year’s end, now’s the time to see if you can take advantage of these breaks while they’re still able to be utilized.

Rates are set to increase on:

  • federal income taxes from 36% to 39.6%
  • long-term capital gains from a maximum tax rate of 15% to 20%, and
  • dividends to be taxed as ordinary income.

In other words — act now!

Estate tax increase

Unless Congress takes action, the seemingly-everchanging estate tax will increase from 35% this year to 45%, and the lifetime exemption amount will go down from $5.12 million to $1 million.

These changes will certainly affect your 2013 outlook, especially if you run a small or family-owned business.

Larger reach for Alternative Minimum Tax

The Alternative Tax Exemption, or AMT patch, is set to drop from $74,450 this tax year to $45,000 next year. So, not only will more people pay the AMT patch, but the increase in taxable income will lead to more taxes for people to pay next year.

If this didn’t apply to you before, the substantial drop to $45,000 could mean it applies now.

Are you preparing for tax season yet? What advice would you give other firms? Let us know in the comments below.

Keep Up To Date with the Latest Finance News

With CFO Daily News arriving in your inbox, you will never miss critical stories on accounting, benefits, payroll & employment law strategies.

Sign up for a free CFO Daily News membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
CFO Daily News Logo
  • ABOUT CFO DAILY NEWS
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Accounting
  • Benefits
  • Payroll
  • Policy and Culture
  • Employment Law
  • Fraud
  • Finance Technology
  • Accounts Payable
  • Credit and Collections
  • Strategy
  • Payments and Transactions
  • Budgeting and Forecasting
  • Banking
  • Staff Management
  • Cost Control
  • Supply Chain
  • IT

CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

preloader