It’s 2013: Do you have a new tax strategy?
Abstract: Congress’s Jan. 1 tax deal saved the country from falling off the “fiscal cliff,” but it also introduced many new — and potentially confusing — changes to the tax code. This article looks at how the American Tax Relief Act of 2012 affects personal and business taxes. It discusses income and capital gains taxes, along with bonus depreciation and Section 179 expensing. A sidebar notes the increased exemption for the alternative minimum tax.