Complex Tax Law Changes in 2013 Demand Careful Financial Planning
(Orlando, Fla.) --- Higher taxes are set to affect Americans in every tax bracket this year. Careful tax planning is essential to minimize the impact of 'Taxmageddon 2013,'.
The complexity of the tax law changes is prompting a flurry of activity at the Orlando-based office of Newman, Seland & Oppenheimer along with Charles Marcussen, LLC, a trusted and highly-regarded team of certified public accountants that have been in the business for more than 40 years.
Taxpayers, looking for ways to save as much as possible and start planning ahead of the tax changes, are increasingly turning to tax veterans Charles Newman, Kurt Seland and Ross Oppenheimer, a team of CPA's who are well-versed on the ins-and-outs of the more than two dozen tax law changes scheduled to take effect in this new year.
A full-service Orlando accounting and CPA firm, Newman, Seland & Oppenheimer, LLC, specializes in both individual and small business accounting, providing tax preparation and financial planning services for more than 600 clients each year. As 2013 quickly begins, the firm's 11-member team has been working around the clock to monitor the tax law changes and run projections that demonstrate to clients the impact different scenarios could have on their finances starting this year. '….. economic threat that has had Americans on edge for months will become a reality,' said Charles E. Newman, principal of Newman, Seland & Oppenheimer, LLC. 'It's vital for taxpayers to take steps now to understand the different ways these changes will impact their personal financial well-being, and our job as professional CPA's is to calm those fears by providing reliable tax-related information.'
The fiscal cliff will boost taxes by more than $586 billion this year, shrinking the paychecks of taxpayers earning between $40,000 to $65,000 by about $1,500.
Ordinary income tax rates are increasing for most individual taxpayers for the first time in more than a decade. The top income tax rate for single people with taxable income between about $36,000 and $88,000 would rise from 25 percent to about 28 percent. Because some of the additional taxes are subtle and can only be spotted by a professional tax preparer, tax planning should start now.
Among other tax changes set to take effect is an increase in the Federal Contributions Act (FICA) and Medicare withholdings that will decrease the take-home pay of salaried and hourly employees.
Other changes include adjustments to the self-employment tax and key changes regarding tax exemptions and reductions that affect millions of American taxpayers. It has also become more difficult to qualify for the medical and dental expense deductible.
Adjustments to the student loan interest deduction and decreases in dependent care tax credits and childcare tax credits also affect tax filing, as do drastic changes affecting higher-income taxpayers, such as the estate and gift tax laws.
Sorting through the many tax law changes associated with the fiscal cliff is no simple task, but the trusted expertise provided by the expert Orlando CPA's at Newman, Seland & Oppenheimer, LLC arms clients with confidence amongst an uncertain financial climate heading in 2013.
'Predicting what will come out of Congress is a guessing game, but as CPA's we're here to lessen the burden of whatever tax hardships hit our clients by explaining the laws and changes in plain English so each individual or business can make the best financial decisions possible,' Newman said.
About Newman, Seland & Oppenheimer, LLC
Since 1971, Newman, Seland & Oppenheimer, a full-service Orlando-based accounting and CPA firm, has been providing a host of tax and accounting services—including audits, litigation support, business valuations, and forensic accounting—to meet the tax needs of individuals and small businesses throughout the central Florida region. The firm's diverse experience encompasses various industries, including retail, manufacturing, real estate, medical practices, governmental, non-profit, restaurant and hospitality. Because of each employee's dedication to the three principles of professionalism, responsiveness and quality, Newman, Seland & Oppenheimer is one of the leading CPA firms in Florida. For more information, visit www.orlando-accounting.com or call (407) 228-0700
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