Planning For Potential Tax Increases In 2013

Large tax increases are scheduled to take effect in 2013 unless Congress acts — making tax planning more important than ever. The decisions your business makes now may have a tremendous impact on your tax obligations in the future. Unfortunately, tax planning is also more difficult than ever. The November election and political gridlock have made the outlook for legislation uncertain.

The tax increases are scheduled to come primarily from the individual side of the tax code, with new Medicare taxes and the expiration of the 2001 and 2003 tax cuts. Partners and shareholders in pass-through businesses will be affected directly, and the tax increases will also affect executives and owners of other privately held businesses and even public companies.