{"id":12755,"date":"2013-01-18T15:54:45","date_gmt":"2013-01-18T20:54:45","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief.html"},"modified":"2017-11-08T11:12:00","modified_gmt":"2017-11-08T16:12:00","slug":"american-taxpayer-relief","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/","title":{"rendered":"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More"},"content":{"rendered":"
\"thumbnail\n<\/div>\n
Steve Cardinal is a tax partner at Teal, Becker & Chiaramonte in Albany.<\/em>\n<\/div>\n

By Steve Cardinal, CPA<\/p>\n

The American Taxpayer Relief Act, which Congress passed and President Obama signed in the first days of 2013, has many provisions.<\/p>\n

The following is intended to provide an overview of the act.<\/p>\n

\u00e2\u20ac\u00a2 Tax rates : Congress made the Bush-era tax cuts “permanent” by adopting the 10, 15, 25, 28, 33, 35 rate classes previously enacted. An additional rate of 39.6 percent will begin at $400,000 for single (S) individuals, $450,000 for married couples filing joint returns (MFJ), and $425,000 for heads of households (HOH).<\/p>\n

\u00e2\u20ac\u00a2 Capital gains: The new law increases the tax on capital gains to 20 percent for taxpayers who have reached the above thresholds ($400,000 (S); $425,000 (HOH) and $450,000 (MFJ))
\n\u00e2\u20ac\u00a2 Payroll tax cut: The tax act did not extend the holiday on employee payroll taxes. Beginning Jan. 1, the employee portion will return to 6.2 percent.<\/p>\n

\u00e2\u20ac\u00a2 AMT: A permanent “patch” increased income exclusions for the alternative minimum tax and future exclusion amounts will be tied to inflation.<\/p>\n

\u00e2\u20ac\u00a2 Child tax credit and related incentives: The American Taxpayer Relief Act makes permanent the $1,000 child tax credit along with several other Bush-era incentives.<\/p>\n

\u00e2\u20ac\u00a2 Education incentives: Several educational credits and deductions are extended. These include the American Opportunity Tax Credit, the above-the-line higher education tuition deduction, the teachers’ classroom expense deduction and others.<\/p>\n

\u00e2\u20ac\u00a2 Charitable giving: Distributions made from an IRA to a charity will remain tax-free through 2013. A related provision allows distributions made in January of 2013 to be re-characterized as made on December 31st, 2012.<\/p>\n

\u00e2\u20ac\u00a2 Federal estate tax: Relevant to family wealth planning, the new law increases the top estate tax from 35 to 40 percent effective January 1st, 2013. The $5,000,000 estate and gift tax exclusion will continue indexed for inflation. For 2012 the limit was $5,120,000.<\/p>\n

\u00e2\u20ac\u00a2 Bonus depreciation\/small business expensing : The new law extended 50 percent bonus depreciation through 2013 and set Code Sec. 179 small business expensing allowances at $500,000 and investment limits at $2 million for both 2012 and 2013.<\/p>\n

\u00e2\u20ac\u00a2 Tax extenders: Multiple tax benefits were extended through 2013. Most notably the research and development credit and the work opportunity tax credit.<\/p>\n

Cardinal is a tax partner at Teal, Becker & Chiaramonte, an accounting and advisory firm in Albany. He can be reached at 518-456-6663 or scardinal@tbccpa.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

Steve Cardinal is a tax partner at Teal, Becker & Chiaramonte in Albany.By Steve Cardinal, CPA The American Taxpayer Relief Act, which Congress passed and President Obama signed in the first days of 2013, has many provisions. The following…<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\r\nAmerican Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Steve Cardinal is a tax partner at Teal, Becker & Chiaramonte in Albany.By Steve Cardinal, CPA The American Taxpayer Relief Act, which Congress passed and President Obama signed in the first days of 2013, has many provisions. The following...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2013-01-18T20:54:45+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2017-11-08T16:12:00+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2013\/07\/cardinal2csteven.jpg\" \/>\r\n<meta name=\"author\" content=\"Samantha Racine\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samantha Racine\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/\",\"name\":\"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\"},\"datePublished\":\"2013-01-18T20:54:45+00:00\",\"dateModified\":\"2017-11-08T16:12:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/100cc5ceca9cabb541936a3e206710bf\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\",\"name\":\"Glens Falls Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/100cc5ceca9cabb541936a3e206710bf\",\"name\":\"Samantha Racine\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/962df49f4fa16cf3d217ee785bbacc0f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/962df49f4fa16cf3d217ee785bbacc0f?s=96&d=mm&r=g\",\"caption\":\"Samantha Racine\"},\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/samanthar\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/","og_locale":"en_US","og_type":"article","og_title":"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal","og_description":"Steve Cardinal is a tax partner at Teal, Becker & Chiaramonte in Albany.By Steve Cardinal, CPA The American Taxpayer Relief Act, which Congress passed and President Obama signed in the first days of 2013, has many provisions. The following...","og_url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/","og_site_name":"Glens Falls Business Journal","article_published_time":"2013-01-18T20:54:45+00:00","article_modified_time":"2017-11-08T16:12:00+00:00","og_image":[{"url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2013\/07\/cardinal2csteven.jpg"}],"author":"Samantha Racine","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Samantha Racine","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/","url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/","name":"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More - Glens Falls Business Journal","isPartOf":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website"},"datePublished":"2013-01-18T20:54:45+00:00","dateModified":"2017-11-08T16:12:00+00:00","author":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/100cc5ceca9cabb541936a3e206710bf"},"breadcrumb":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2013\/01\/american-taxpayer-relief\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/"},{"@type":"ListItem","position":2,"name":"American Taxpayer Relief Act Signed In Jan. Affects Capital Gains, Payroll Tax And More"}]},{"@type":"WebSite","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website","url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/","name":"Glens Falls Business Journal","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/100cc5ceca9cabb541936a3e206710bf","name":"Samantha Racine","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/962df49f4fa16cf3d217ee785bbacc0f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/962df49f4fa16cf3d217ee785bbacc0f?s=96&d=mm&r=g","caption":"Samantha Racine"},"url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/samanthar\/"}]}},"_links":{"self":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/12755"}],"collection":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/comments?post=12755"}],"version-history":[{"count":1,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/12755\/revisions"}],"predecessor-version":[{"id":28774,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/12755\/revisions\/28774"}],"wp:attachment":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/media?parent=12755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/categories?post=12755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/tags?post=12755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}