With today being Tuesday, October 2, we are exactly 13 weeks away from January 1, 2013. As detailed in previous articles here (and countless others on the internet), on January 1, 2013 there will be the most significant tax changes resulting from changes within the tax code (rather than complete overhauls).
These will be increases in the Payroll Tax (FICA) of 2% on all earned wages; increases in the marginal income tax rates; increases in the capital gain rate (from maximum 15% to 20%); increases on taxation of qualified dividends (from max 15% to up to 39.6%); decreases in the amount deductible for new business purchases, decreased in exemptions for wealth transfers (gift and estate taxes); increases in the wealth transfer tax rates (from max 35% to up to 55%); and others.
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As always, I offer a free consultation to review your estate and business planning. I serve all of southwestern Oklahoma and office out of Altus. Call me at 580-318-8829 to set up an appointment.