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Get ready for 2013 tax and regulatory changes that can impact your business.

Dec 30Dave Saunders

There are a number of very significant changes that might impact how you manage your business and personal finances that could go into effect on January 1st, 2013.  Some of these changes have already been written into law through the Affordable Care Act or have been passed by Congress.  Others, however, are still being hotly debated as politicians try to reach

a compromise on the pending fiscal cliff.

A list of the more significant changes that are

coming include:

  1. The expiration of the FDIC Transaction Guarantee Program (“TAG”).  The TAG program provides virtually unlimited acheter viagra FDIC guarantees on non-interest bearing accounts.  The program was introduced in 2008 in the wake of the credit crisis and extended for two years in 2010.  Upon http://www.cialisgeneriquefr24.com/does-cialis-keep-you-awake/ its expiration, the FDIC guarantee will default to a general limit of $250,000.
  2. There will be a new tax on investment income for people making over $250,000.  The tax will be an additional 3.8%.
  3. There will be an additional 0.9% on the Medicare Tax for wage earners earning $200,000 or greater.
  4. Excise tax of 2.3% on Medical Device manufacturers.  Note that this is viegra and himax an excise tax on sales revenue, not on profits, so this will impact both established businesses as well as entrepreneurial startup companies.
  5. Cap on Flexible Spending Accounts of $2,500.
  6. Increase in deduction threshold for High Medical Expenses from 7.5% of AGI to 10.0%.
  7. Annual Executive Compensation Limit for Health Insurance Executives of $500,000.

The more significant changes that would occur on January 1, 2013 if America slides over the Fiscal Cliff without Federal Action include:

  1. Individual share of Social Security taxes will increase from the temporary 4.2% rate to the normal 6.2% rate.
  2. Income tax rates for the lowest bracket would

    increase from 10% to 15% and for the highest bracket from 35% to 39.6%.

  3. Dividends would be taxed at capital gain rates instead of the current 15% rate.
  4. The Capital Gain tax rate would increase from 15% to 20%.
  5. The maximum estate tax rate would increase from 35% to 55% and estates greater than $1 million would be subject to the maximum rate versus the current $5 million level.
  6. Temporary exemptions to the Alternative Minimum Tax expire causing more Americans to be subject to this complex tax.
  7. Reductions in credits, deductions and contribution limits for Child Tax, Adoption Credits, Education Savings, state and local sales taxes, higher education and teacher’s classroom supplies.

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