Lots of exciting tax-related things have happened this week. We finally have a new law, The American Taxpayer Relief Act of 2012. You can see the highlights here, in one of this week’s TaxQuips. You will also find a link to the 93-page details of the law itself. I got into more of the details during yesterday’s visit with Bob McCormick on KFWB. Some of you called in – thanks.
I’ll be giving you more details about the law and how it will affect you next week. For now, just know that your electronic filing will be delayed by over a month, as both the IRS and the tax software companies re-write their software for last-minute changes. Some of the law changes were retroactive to 2012, including the alternative minimum tax limits and the right to deduct sales taxes instead of state income taxes. Seniors also have the right to make up to $100,000 in contributions from their IRAs directly to charities – until January 31, 2013, This will count towards their 2012 taxes and required minimum distributions (RMDs).
Over the weekend, you will find the January To Do list at Marketwatch.com – just visit my columnist page. http://www.marketwatch.com/Journalists/Eva_Rosenberg
Meanwhile, I have to run out and take care of some personal things. We’ll be back on a normal schedule the week of January 14th.
Incidentally, if anyone sent me any important messages during the last two weeks, please resend them. I didn’t receive them. Post your tax-related questions ONLY in the TaxQuips Forum. That’s the only place where I will answer them.
Happy New Year!
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Eva Rosenberg, EA
Your TaxMama® www.TaxMama.com