2A — February 22 - March 14, 2013 — Mid Atlantic Real Estate Journal
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Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Contributing Columnists ................................Anthony J. Nitti - CPA, MST Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 4 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Real Estate Capital
By Anthony J. Nitti - CPA, MST Secrets of the Fiscal Cliff
Innovative solutions and deep expertise for all of your commercial real estate financing needs.
P
rominent Congressio- nal documents often hold hidden secrets.
What follows is a list of some of the tax aspects of the fiscal cliff deal that may not have made headlines, but are just as important as those that did: 1. Your taxes are going up. According to the Tax Policy Center, even though the Bush tax cuts have been extended for 98% of taxpayers, 77% of Americans will pay higher taxes in 2013. Why? Because on December 31, 2012, the temporary 2% reduction in an employees’ share of the Social Security tax expired, and this provision was not extended as part of the fiscal cliff negotia- tions. As a result, if you earn wages, you can expect your paychecks to be 2% lighter in 2013 than they were in 2012, at least on the first $113,700 of income. 2. If you earn between
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$250,000 and $450,000, you may not have received the reprieve you think you did. At your income level, you will find that the alternative minimum tax (AMT) exemption – which was permanently patched as part of the deal, a move that will save an additional 28 million taxpayers from falling victim to the AMT – does you no good, as you are completely phased-out from using the ex- emption by virtue of your high income. Making matters worse,
your four personal exemptions and sizeable state tax deduction are not permitted in computing your income subject to the AMT. Lastly, because the AMT is subject to a flat 26% rate on income up to $175,000 and 28% thereafter, you do not get any benefit from the continua- tion of the lower marginal tax rates in computing your AMT liability. As a result, you may well find that the raising of the barrier of where the 39.6% tax continued on page 12A
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