Posted on Mar 13, 2013
* The “No Budget, No Pay Act of 2013,” signed into law on February 4, suspends the federal debt limit through May 18.
* The “No Budget, No Pay Act of 2013” gives members of Congress until April 15 to pass a budget, or their pay will be suspended.
* The March 1 filing deadline for farmers and fishermen has been extended to April 15 due to the late start in this year’s filing season.
* March 15 is the deadline for calendar-year corporations to file their 2012 tax returns.
* March 15 is the deadline for corporations to elect S corporation status for 2013.
* The IRS reminds those who split the tax payment on a 2010 Roth conversion that the second half is due on 2012 tax returns.
* Now that estate and gift tax rules have become “permanent,” you should review your estate plan for any necessary adjustments.
* The IRS announced the inflation-adjusted alternative minimum tax exemption for 2013: $51,900 for singles and $80,800 for couples.
* Itemized deductions for 2013 will be limited if your adjusted gross income exceeds $250,000 (singles) or $300,000 (couples).
* Check for carryover items from prior years that could reduce your 2012 taxes — such as excess capital losses and gifts to charity.
* Your top tax rate in 2013 will be 39.6% if your taxable income exceeds $400,000 ($450,000 for married couples).
* You’ll pay 20% on long-term capital gains in 2013 if your taxable income exceeds $400,000 for singles or $450,000 for couples.
* If you turned 70½ last year and didn’t take your first required distribution from your IRA, you must take it by April 1, 2013.