In case you haven’t heard the trumpets, the so-called “fiscal cliff” was averted at the last minute – sort-of. Basically, Congress passed more-or-less extensions of the world-as-we-knew-it December 31.
Rather than going into detail here, I will point you to some very good news and blog sources that have already said it well. No need to re-invent the wheel, I have too much to do.
Things to look for –
- Maintained Estate Tax Exemption of $5M
- Tax Increases starting at $400K (instead of $250K)
- Capital Gain tax increases at the higher-income levels
- 2% Employee tax benefit goes away
- Unemployment benefits extended
- Section 179 Bonus Depreciation maintained
Forbes – Secrets of the Fiscal Cliff
Farm CPA Today! – Goodies in the Tax Bill for Farmers
As with most tax bills, there are hidden facets to review, so start with these articles, and stayed tuned for more information as (true to form) the law is read more thoroughly after it passes.