The IRS has recently implemented some changes with the American Taxpayer Relief Act of 2012 that may affect taxpayers working and living in Hong Kong and abroad beginning in 2013. Some of these changes are:
- 2013 tax rates up to 39.6% for income over $400,000 single and $450,000 married filing jointly
- 2013 AGI above $250,000 or $300,000 married filing jointly – may have personal exemptions and itemized deductions reduced
- Alternative minimum tax exemption has been permanently patched for inflation
- Additional tax on capital gains and dividend income for high income taxpayers
Many clients see their CPAs only before the April and June filing deadlines, when the main focus is on completing and filing their tax return. As a result, they may not take the opportunity to ask questions about long-term tax planning or about other important financial concerns. The good news is that we are available to you all year. We’re ready when you are to take some time reviewing your financial situation, helping you understand your options and make the best decisions. We’re also here in an emergency to help address unexpected financial concerns. So, please contact us today regarding your important financial issues whenever they arise.
The information contained herein serves as a guideline and is only provided for general informational purposes. It should not be considered as offering any tax advice. Since tax laws are complex, you should consult your tax advisor on specific issues related to your tax situation.