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2012 Tax Updates

1/5/2013

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§179 Expensing
 For 2012, taxpayers may expense up to $139,000 of
 qualifying property acquired for use in a trade or business.
 The deduction phase-out begins at $560,000
 on purchases of qualifying property. Taxpayers who
 have qualified disaster assistance property may expense
 up to $239,000; their deduction phase-out begins at
 $1,160,000. The SUV limit remains $25,000.
The 2013 §179 expensing amounts are set to decrease
to $25,000 of qualifying property acquired for use in
a trade or business. The deduction phase-out begins at
$200,000 on the purchase of qualifying property. The
SUV limitation will remain the same at $25,000.
For tax years 2003–2012, taxpayers may make or
revoke a §179 election on an amended return without
the consent of the Commissioner.

Adoption Credit
The maximum credit is $12,650 for 2012. The credit
begins to phase-out when MAGI exceeds $189,710
and is completely phased out when MAGI reaches
$229,710. The credit is no longer refundable as of
December 31, 2011.

Alternative Minimum Tax (AMT)
For 2012, the AMT exemption amounts are as follows:
                    2012 Exemption                   2012 Phase-out
MFJ,QW              $45,000                       $150,000 - $330,000
S, HH                   $33,750                       $112,500 - $247,500
MFS                     $22,500                      $75,000 - $165,000

For a child subject to kiddie tax               $112,500 - $247,500
                              $6,950 plus child’s
                              earned income not to
                              exceed $33,750

Annual Gift Tax Exclusion
For tax year 2012, the annual gift tax exclusion is $13,000 to eachperson. This amount increases
to $14,000 per person for taxyear 2013.
The 2012 annual exclusion to a spouse who is not a citizen of the United States is $139,000. The annual exclusion
increases to $143,000 for tax year 2013.

Capital Gains Rates
Capital gains rates are 0% and 15% for 2008 through 2012. These rates are set to expire after December 31. 2012




 




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