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Filing Your 2012 Tax Return What You Need to Know


For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. The Fiscal Cliff tax deal also makes permanent a number of tax provisions unique to this years tax filing season. Some changes affecting 2012 returns include the following: Your 2012 Individual Federal Income Tax Return is due by April 15, 2013. For an automatic 6-month extension of time to file, submit Form 4868 to the IRS. Caution: Although Form 4868 allows you more time to file, it does not extend the time to pay your taxes. Filing or paying after the due date may result in penalties and interest. If you expect to owe on your tax return, see 11 Tips for Taxpayers Who Owe Money to the IRS If you had inadequate federal tax withholding this year, you can determine the correct amount of withholding for next year using the IRS Withholding Calculator. For most taxpayers, the first-time homebuyer credit expired in 2011. Only some military and intelligence personnel can still claim the credit. For more information, click here. The personal and dependent exemption amounts have increased to $3,800, up $100 from 2011. The standard deduction has also increased for 2012. The 2012 amounts are: Single $5,950, Head-of-household $8,700, Married Filing Joint $11,900, Married Filing Separately $5,950. The IRS estimates approximately 66% of taxpayers take the standard deduction, rather than itemizing deductions. To claim a deduction for business use of your vehicle, use the standard mileage rate of 55.5 cents for each business mile driven. The alternative minimum tax (AMT) exemption is increased to $50,600 single and $78,750 married.
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The tax rate on ordinary income for taxpayers earning over $400K (or $450K married) increases from 35% to 39.6%. Capital gains and dividends now have a top tax rate of 20% The estate tax exemption remains at $5M per person, however the top rate increased to 40%.

For more information on filing your individual or business tax return, visit www.LandmarkTaxGroup.com or call us at 1-714-382-6780 for a FREE and CONFIDENTIAL consultation with former IRS Personnel. Landmark Tax Group is licensed by the IRS to help individuals and small businesses resolve their IRS problems with tax liens, unfiled tax returns, back taxes, offers in compromise, wage garnishment, bank levies, installment agreements/payment plans, innocent spouse claims, audits, payroll taxes, bankruptcy, and more. Contact: Michael Raanan, MBA, EA President Former IRS Revenue Officer

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Copyright 2013 Landmark Tax Group. All rights reserved.

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