Restoring a Higher Tax Bracket

For several years, through 2012, Americans paid income tax at six rates, ranging from 10% to 35%. Now, a higher rate has been added: 39.6%, which was the highest income tax rate as recently as 2000. In 2013, the 39.6% rate is imposed on income over ❖ $400,000 for...

Breaks for Business Owners in the Fiscal Cliff Legislation

Several provisions of the American Taxpayer Relief Act of 2012  apply to businesses. For the most part, these provisions extend previous law, often through 2013, while some are retroactive to 2012. First-year equipment deductions Under Section 179 of the tax code,...