A — December 21, 2012 - January 10, 2013 — Mid Atlantic Real Estate Journal
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Aldo Design Group.................................................. 6A ALT Realty ........................................................... 19A Beacon Commercial Real Estate............................ 5B Bennett Williams Realty Inc..........................15A, 9B BL Companies....................................................... 20B Bohler Engineering.......................................18A, 17B Boyle.................................................................. IBC-B Brasler Properties................................................... 3B Brubacher Excavating.......................................... 17B Bussle.................................................................... 11B Capitol Aerials....................................................... 28A Carl Berger Associates.......................................... 18B Chesapeake RE Group............................................ 1A Citizen Bank. ........................................................ 27B CMC....................................................................... 21B Cooper Roofing........................................................ 7A Cooper-Horowitz..................................................... 1B Earth Engineering Incorporated.......................... 14A Entech................................................................... IC-A Exchange Solutions.............................................. IC-B FLB.................................................................... IBC-B Fowler ................................................................... 10A Franchise World.................................................... 16A Gebroe-Hammer.................................................... 14B GeoStructures, Inc................................................ 22A Gerber/Somma Associates.................................... 12B Gilbeaux Associates, P.C....................................... 28A Greater Reading Economic Partnership................ 2B H.T. Lyons.............................................................. 15B Haftek CWS. ........................................................... 9A Harvey, Hanna and Associates............................. 16B Heller Industrial Parks........................................ 13B IREM..................................................................... 31A Jottan Inc............................................................ BC-A Kaplin Stewart................................................2A, 15A Katz Properties.............................................26A, 20B Landcore Engineering Conultants, P.C............... 16A LandmarkJCM...................................................... 25B Lincoln Property Company .................................. 19B M. Miller & Son....................................................... 3A Meridian..............................................................BC-B Metro Commercial Real Estate............................ 18A Morrissey Design LLC.......................................... 21A NorthMarq. ............................................................. 8B Ondra-Huyett.......................................................... 4B PennCap Properties.............................................. 17B Poskanzer Skott Architects.................................... 8A RD Management LLC...................................... 12-13A Remco Realty Group LLC..................................... 14A ROCK Commercial Real Estate........................... 15A RT Environmental.................................................. 6B Shah Electric & Builder, Inc.. ................................ 8A Taylor|Zang|Munley|Dougherty of Marcus & Millichap....................................14A, 7B The Kislak Company............................................ 10B Tim Haahs ............................................................ 20A Vantage..............................................................6A, 9A Whitestone. ........................................................... 21B Wilkin & Guttenplan P.C...................................... 23B Wolf.................................................................... IBC-B WRT........................................................................11A MAREJ A dvertisers D irectory
Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Contributing Columnist ............... Alexander Narcise, CPA and Greg Price 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 24 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
Mid Atlantic Real Estate Journal
By Alexander Narcise, CPA and Greg Price Year-End Tax Planning on the Edge of the Fiscal Cliff
Y
ear-end tax planning can be challenging ev- ery year, but this year’s
unique circumstances makes it even more tricky than usual be- cause Congress has not settled the 2013 tax rates on income, investments, large gifts and estates. Despite these uncer- tainties, navigating year-end tax planning is possible. What should taxpayers do? Focus on what is currently known and maximize breaks while they still exist while focusing on reducing vulnerability to the unknown. What could January 1 look like for taxpayers? If no further legislation is passed by the President and Congress before December 31, 2012, the George W. Bush-era tax cuts (tax measures enacted in the Economic Growth and Tax Relief Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003) will expire, along with several business and investment tax breaks. What does this mean?
• The present employee-side payroll tax cut, as enacted un- der the Middle Class Tax Relief and Job CreationAct of 2012, is scheduled to expire after 2012, and would jump from 4.2% to 6.2%, affecting all workers in 2013 up to $113,700 of their earned income (the projected Social Security wage base for 2013). • Income taxes will increase for everyAmerican as tax rates on ordinary income, currently at 10, 15, 25, 28, 33 and 35% , are scheduled to revert to the higher levels of 15, 28, 31, 36, and 39.6% and the capital
gains tax could rise to as high as 23.8%. • Without action, on January 1st, 2013 the marriage penalty for joint filers is reinstated and the value of the child credit drops from $1,000 to $500. • Unless extended, Alterna- tive Minimum Tax Exemptions (AMT) amounts will decrease from $48,450 for unmarried individuals filing single re- turns and $74,450 for married couples filing a joint return and surviving spouses to $33,750 and $45,000 respectively. This means upwards of an additional continued on page 32A
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