Links to 2012 Year End Tax Planning Guide PDF

Download the 2012 Year End Tax Planning Guide and organize your taxes.

For assistance with organizing your taxes down load the 2012 Year End tax planning Guide PDF or contact Lopato & Associates at (858)5491295

Year-End Tax Planning for 2012

Strategies for individual taxpayers

Oportunities For Business Owners

A Window of Opportunity for Family Business Owners

Can You Qualify for a Tax Credit?

Deduct Home Office Expenses?

Expenses — Are They

Family Loans — Tax Considerations

Good Intentions, Bad Tax Results

Make Sure Your Tax Payments Are on Track

Saving for Retirement Tax Benefits Can Help

Tax Planning For Devorce

Traps When Moving IRA and Retirement Plan Assets

Caution: This Estate Includes IRD


You need to know your filing status to determine your tax bracket (see table below), the extent to which certain phaseouts and limitations apply to you, and how large a standard deduction you may claim if you don't itemize deductions. Married couples generally receive more favorable tax treatment filing jointly, but not always. Depending on your respective itemized deductions (see page 8) and income, you could owe less tax by fil ing separately.
You can claim a personal exemption for yourself, your spouse, and for any qualified dependent. In 2012, each exemption you claim reduces your taxable income by $3,800.

Single Head of
Married filing jointly
(& surviving spouses)
Married filing
10 $0.00 - 8.700 $0.00 - 12,400 $0.00-17,400 $0.00 - 8,700
15 $8,701 - 35,350 $12,401 - 47,350 $17,401 - 70,700 $8,701 - 35,350
25 $35,351 - 85,650 $47,351 -122,300 $70,701 - 142,700 $35,351 - 71,350
28 $85,651 - 178,650 $122 ,301 - 198,050 $142,701 - 217,450 $71,351 - 108,725
33 $178,651 - 388,350 $198,051 - 388.350 $217,451-388,350 $108,726 - 194,175
35 Over $388,350 Over $388,350 Over $388,350 Over $194,175

Do you have a child in college?

Check to be sure he or she still qualifies as your dependent. There are some very specific requirements. For example, your child must be younger than 24 as of year-end, be enrol led as a full -time student for some part of at least five calendar months during the year, and live with you for more than half the year (treating temporary absences from home due to education, illness, military service, and certain other special circumstances as t ime spent living with you). Also, your child cannot provide more than half of his or her own support.