Tax planning and the changes that may be
coming in tax year 2013 were hot topics at our recent SYNERGY
users' conference, especially in Douglas VanDerAa's "Individual
Tax Update" workshop, where he discussed the importance of offering
comprehensive tax planning services.
Considering the buzz surrounding tax planning, I thought it
would be helpful to share Douglas' Top 5 Reasons to Offer Tax
Planning Services in 2013.
Top 5 Reasons to Offer Tax Planning Services in
- Just about everyone will be paying more tax in
2013 because of marginal tax rate changes and the
expiration of the Payroll Tax discount.
- Fifty-three separate tax breaks expired as of
12/31/11, under current law-which Congress may or may not
- The Alternative Minimum Tax is poised to wreak
havoc - both through possibly lower exemption
amounts and disallowance of many nonrefundable credits for AMT
- Preferential rates for specific income types are rising
or expiring altogether. These income types include
capital gains and qualified dividends.
- Various statutory limitations are set to change
significantly. These include phase-outs on
deductions/ credits, maximum credit/deduction amounts, etc.