Highlights of the Fiscal Cliff Tax Legislation

As you may already be aware, the House approved to avert the fiscal cliff late Tuesday evening. The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal spending.

Below are several documents for you to review. These documents contain summary information regarding the agreement that was reached.

• CCH Tax Briefing – American Taxpayer Relief Act of 2012
• American Taxpayer Relief Act addresses the "fiscal cliff"
• Forbes.com – Fiscal Cliff Tax Deal: What Does It Mean for Small Business?

As always, our goal is to keep you up to date on the latest changes to the tax laws that could affect you, your family and your business. Please contact us at 810-238-4617 for more information about any of these recent developments. We would be happy to provide further information.