The ‘Fiscal Cliff’

Expiration of Bush-era tax cuts, changes for 2013 and upcoming deadlines

With the new calendar year approaching, it is important to review the expiration of the Bush-era tax cuts – the “Fiscal Cliff,” changes for 2013 tax year, and upcoming 2012 deadlines.

The Bush-era tax cuts, more than 150 tax provisions, are scheduled to expire at the end of this year. This could result in a much higher tax liability on your 2013 income tax return. As we near the edge of this “Fiscal Cliff”, several changes are looming, including, but not limited to, the following:

• Return of the marriage penalty (reducti...