Bush Tax Cuts

If you’ve been following the news recently, you are probably aware that the Bush tax cuts from 2001 and 2003 are set to expire at the end of the year.  Ordinary income tax rates across the board are increasing with a top tax rate of 39.6%. Long-term capital gains rates are also increasing from 0%-15% to 10%-20%. 

Year-end tax planning is always important, but proper planning this year could have a major impact on your tax liability.  Accelerating income such as selling appreciated stocks in the current year or putting off buying that piece of business equipment until January are a couple of ways to save money. 

If you have any questions about your particular tax situation please contact one of our tax professionals.

/posted by Chris Finley, CPA