February 27, 2012 Plan Now for 2013 Tax Increases, Says CPA Rob Trammell
“Many tax rates are set to increase in 2013,” says Rob Trammell, a principal at the Silicon Valley accounting firm of Abbott, Stringham & Lynch. “This means taxpayers will want to plan now, and monitor that plan to ensure they take appropriate action throughout 2012 before tax rates increase next year.” Trammell says if you wait until next tax season when you file your 2012 return to assess, plan and take action, it may be too late to fully enhance your tax position. Trammell says the scheduled 2013 rate increases include the tax rate on ordinary income, additional tax on investment income for high-income individuals, and long-term capital gains tax rates, “As you consider the impact of these increases, one of the questions you’ll want to ask yourself is does it make sense for me to accelerate income into 2012.”