Top Tax Tips for 2012 – Phoenix Tax Consultants

Top Tax Tips for 2012

 Top Tax Tips

This is a good time to realize capital gains! As the Bush
tax cuts are set to expire it is likely that capital gains tax will increase
from a rate of 15% or lower in some cases to 20%. The time is now to divest of
that appreciated rental property that you have wanted to sell or that stock
that no longer makes sense for you but has some gain.

 

Medical expenses will be harder to deduct in 2013. The
threshold to start deducting will increase from 7.5% of your adjusted gross
income to 10% for most people! If you need to schedule medical procedures act
now and pay in 2012.

 

 

 

 

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