With the end of 2012 fast approaching us, it is more important than even to do year-end tax planning.
Unless any tax laws change before the end of 2012, as of Jan. 1, 2013, the long term capital gains tax rate is set to go from 15 percent up to 20 percent. There will also be an increase on the tax rate of qualified dividends, which will go from 15 percent to 39.6 percent. This one potential change alone may have major tax implications on your personal situation. It may work in your favor to make changes to your portfolio before Jan. 1, 2013 to take advantage of the lower rates.
Please contact our office if you would like to make a tax planning appointment before the end of the year, www.steveveseycpa.com. As always, please consult your personal tax advisor on all of the above information.