IRS Update: Things to Know for the Current Tax Year

Recently Passed American Taxpayer Relief Act Details

We have added detailed information on the American Taxpayer Relief Act of 2012 that was signed into law on January 2, 2013 to the CrossLink Tax Resource Center.

The information is broken down into the following categories:

• Individual and business provisions that were extended for 2012 and 2013 — This section explains which of the provisions that expired at the end of 2011 were extended and continue to apply to Tax Year 2012 such as:
• Educator expense deduction
• Sales tax itemized deduction
• Click here to read more
• Extended and new provisions that begin in 2013 — This section explains which of the provisions that were set to expire at the end of 2012 were extended permanently, for five years, or one year. It also includes an explanation of the new provisions such as:
• New Tax Rate for high income taxpayers
• New 20% capital gains rate for high income taxpayers
• Click here to read more
• Changes to the Adoption Credit that began in 2012

Click here to read more about which provisions were extended for Tax Year 2012 and what the coming changes are for 2013 on the Things To Know for the Current Tax Year page in the CrossLink Tax Resource Center.