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W E L C O M E
"We are dedicated to each and every client."
With our main office in Kingston, NY and two satellite offices (in Highland
and Wurtsboro, New York) we make it easy to service all of our clients.
Our services include tax preparation, write-up, payroll, tax planning and many
other accounting services to a wide range of clients, including both businesses
and individuals. We have developed a reputation for professional excellence
through the high quality of services performed for our clients.
2012 Tax Bites:
- The value of each personal and dependent exemption, available to most
taxpayers, is $3,800, up $100 from 2011.
- The new standard deduction is $11,900 for married couples filing a
joint return, $5,950 for singles and married individuals filing separately,
and $8,700 for heads of household.
- Several tax benefits are unchanged in 2012. For example, the
additional standard deduction for blind people and senior citizens remains
$1,150 for married individuals and $1,450 for singles and heads of household.
- For 2012, annual deductible amounts for Medical Savings Accounts
increased from the tax year 2011.
- Social Security recipients will get a 3.6 percent boost in payments
for 2012.
- The $2,500 maximum deduction for interest paid on student loans begins
to phase out for married taxpayers filing a joint return at $125,000, and
$52,000 for singles and heads of household.
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- The modified adjusted gross income threshold at which the lifetime
learning credit begins to phase out is $104,000 for joint filers and $52,000
for singles and head of household.
- The annual exclusion for gifts remains at $13,000.
- The standard Medicare Part B premium will be $99.90 per month in 2012,
up $3.50 from 2011, for people who signed up for Medicare in 2009 or earlier.
- The contribution limit for 401(k)s and 403(b)s will increase to
$17,000 in 2012. Catch up contribution limits for those age 50 and older
will remain $5,500 next year.
- IRA contribution limits will remain at $5,000 in 2012, and $6,000 for
those age 50 and older.
- For singles and head of household with retirement plans at work, the
tax deduction for traditional IRA contributions will be phased out when AGI
is between $58,000 and $68,000 in 2012.
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Obtain Professional Advice
A CPA tax professional understands the business of taxes and finances and can
provide
trusted advice and services during the tax season and throughout the year.
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© Copyright 2010-2012 Joel Cymrot, CPA
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