“Fiscal Cliff” Here is a brief summary of what to expect now that the Bill Passed!

imagesA brief summary of the “Fiscal Cliff” bill passed by Congress yesterday

  • Taxpayers with over $400,000 in taxable income or couples with over $450,000 in taxable income will see their maximum tax rate rise to 39.6% from 35% in 2012. For income earned below these levels, the 2012 rates are permanently extended and will remain the same.
  • The Social Security portion of payroll taxes for all employees will rise by 2%. This is the end of the so-called payroll tax holiday. The rate will return to 6.2%, a 2% rise from the stimulus rate of 4.2%.
  • The personal exemption, which in 2012 was $3,800 per person, will be phased out for couples with $300,000 or more of adjusted gross income, or singles with $250,000.
  • The so-called “Pease” provision will eliminate up to 80% of deductions for couples above the $300,000 threshold, and singles above $250,000. The provision affects all deductions, including charitable donations and mortgage interest. According to many tax experts, the formula, in effect, adds about one percentage point to the top tax rate, including the top rate on capital gains.
  • Rates on long-term capital gains and dividends for top-bracket taxpayers would rise to 20% from 15%. Meanwhile, the 15% rate would continue to apply to taxpayers in the 25%, 28%, 33% and 35% income tax brackets. People in the 10% and 15% brackets would continue to have a zero rate on capital gains and dividends.
  • The bill will permanently and retroactively adjust the alternative minimum tax, originally designed to limit deductions for the highest earners, so that millions of middle-income taxpayers wouldn’t be subject to it. The current fix expired at the beginning of 2012.
  • The estate- and gift-tax exemption will remain at $5 million per individual.
  • The current 35% top tax rate on amounts above the estate and gift-tax exemption will increase to 40%.
  • Provisions allowing deductions for $250 of teachers’ classroom expenses, tuition and related expenses, and state sales taxes in lieu of state income taxes will be extended, as will the $100,000 charitable donation of IRA assets by account owners 70 1/2 and older.
  • The bill will extend for five years the American Opportunity Tax Credit. For many taxpayers this dollar-for-dollar credit is worth up to $2,500 and therefore the most valuable education benefit. It also will extend for five years the current versions of the Child Tax Credit and Earned Income Tax Credit, which are claimed by many lower-income workers making up to about $50,000.
  • The bill also includes a one-year extension of current “bonus” depreciation rules, which allow businesses to deduct up to 50% of the cost of a wide variety of property and equipment, excluding real estate.

Courtesy of: Steve Hollatz-Castillo, Esq., 81 Pondfield Rd. Suite D245, Bronxville NY 10708 (914) 979-1991

 

About Toni Chrystal

Little About Terri Crozier and Toni Chrystal As business partners, identical twin sisters, and friends; Terri and Toni have an incredible synergy. To ask them where this comes from, they'd tell you it's just what happens when you combine their unique personalities and hard work ethic they both have. The passion for real estate and the compassion to educate and consult their seller and buyer clients is their first goal when listing or selling a home. They are both tech saavy with extensive computer and internet experience. Born and raised in White Plains, two veteran agents with a combined 35 years experience as Professional Realtors. Let "The Twins" Empower You with Knowledge and Information For each and every client their goal is to empower you with up to date information about current market conditions. Their approach has earned them the respect of collegues and clients throughout Westchester Counter and especially in their marketplace "White Plains". If you speak to Toni she would tell you "with over 93% of the consumers searching on line today; it is essential to be a tech saavy agent and be able to market for today's consumer on line." "We Listen" It's not about us ... it's about "YOU" whether a Seller Client or Buyer Client we appreciate your business and respect your goals and needs. As your real estate professionals our job is to "LISTEN" as well as "COMMUNICATE" to you so we all arrive at the closing table with a successful experience. Allow our expertise and guidance to take you through the priocess of selling or buying your next home. Contact us: Toni and Terri for all Your Real Estate Needs Full Time Professional Real Estate Associate Brokers Listing and Selling Homes for the Houlihan Lawrence White Plains Branch Office. Assist sellers and buyers with their real estate needs. Consult sellers on marketing conditions and pricing their property to sell. With a customized marketing plan and pricing strategy proven successful for getting homes sold in a timely manor. With a superb follow up system keeping sellers constantly updated with information necessary to achieve a successful and timely sale. Our goal is to provide such an amazing service that you "The Seller" can sit back and relax knowing you have competent agents working on your best behalf. Consult "buyers" on finding their dream home. Providing information and disclosures needed to make an informed decision to purchase a home that they can afford. Working with buyers to locate and educate them from the day we meet to the day we close, and continue to be your real estate agent for life. Proficient with technology and love computers and the internet. Skilled marketing properties on line for enhanced exposure around the world. www.tonichrystal.com
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