2012 Tax Relief

According to the estimates and rages for 2012 tax brackets released by Tax publisher CCH, the well off may get a tax relief in 2012. Some of the changes covered by CCH are below:

• Up to $5.120 million of an estate will be exempt from the current 35% federal estate tax for 2012.
• Tax bills will decease as the indexing of brackets will include more income in lower brackets.
• The standard deduction should increase by $150 for individuals, $200 for heads of households, and $300 for married couples.
• The increase in standard deduction amounts will decrease taxpayers’ taxable income.
• The income ceilings for various tax benefits will increase.
• The alternative minimum tax will not be indexed.
• Personal exemptions and itemized deductions will continue to be limitless in 2012.

For more information on Tax Relief in 2012, seeAshlea Ebeling, Tax Relief for 2012, Even For Dying, Forbes, Sep. 15, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.