The importance of 2012 year-end tax planning for individuals

The end of 2012 may bring unexpected and adverse changes formany taxpayers due to the scheduled December 31, 2012, expiration of a number of tax cuts. Because most of these tax cuts have been in effect since 2001, many taxpayers have become accustomed to their existence and may not realize the effect that expiration may have on their personal tax bills. Although it is possible that Congress may act to extend a portion or all of these tax cuts, there is significant uncertainty surrounding whether such Congressional action will occur. In addition, new taxes and tax changes under The Patient Protection and Affordable Care Act (PPACA) will affect taxpayers beginning in 2013. As a result, taxpayers, with the assistance of their tax advisors, should undertake a careful review of their personal tax situation to take advantage of any year end tax planning opportunities for 2012. Read Entire Article

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