Grant Thornton is offer some year-end tax planning tips for both individuals and businesses, and their accountants, facing the expiration of the Bush tax cuts.
The Bush-era tax cuts enacted in 2001 and 2003 are scheduled to expire in 2013, the firm noted, and new Medicare taxes are scheduled to take effect. Without congressional action, tax rates will rise to as high as 39.6 percent on ordinary income and 23.8 percent on capital gains.
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