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Top 5 Reasons to Offer Tax Planning Services in 2013

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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 2013

  1. Just about everyone will be paying more tax in 2013 because of marginal tax rate changes and the expiration of the Payroll Tax discount.
  2. Fifty-three separate tax breaks expired as of 12/31/11, under current law-which Congress may or may not retroactively extend
  3. The Alternative Minimum Tax is poised to wreak havoc  - both through possibly lower exemption amounts and disallowance of many nonrefundable credits for AMT purposes
  4. Preferential rates for specific income types are rising or expiring altogether.  These income types include capital gains and qualified dividends.
  5. Various statutory limitations are set to change significantly.  These include phase-outs on deductions/ credits, maximum credit/deduction amounts, etc.
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