UPCOMING EVENTS

SEMINARS FOR SEPTEMBER 2016

MONROEVILLE / PITTSBURGH
Tuesday, September 13, 2016
2:00PM
Courtyard Marriott / Monroeville
3962 Wm Penn Highway
Monroeville, PA 15146
Between Sheetz and Eat ‘n Park
 
MURRYSVLLE / DELMONT
Tuesday, September 13, 2016
7:00PM
Holiday Inn Express
Delmont/Murrysville
6552 Route 22
Delmont, PA 15626
Behind Lamplighter Restaurant on Rt. 22
 
HARMARVILLE / PITTSBURGH
Wednesday, September 14, 2016
2:00PM
TownePlace Suites / Pittsburgh
2785 Freeport Road
Pittsburgh, PA 15238
Just off of Exit 48 of PA Turnpike
 
MONROEVILLE
Wednesday, September 14, 2016
7:00PM
The Estate Planning Centers
3824 Northern Pike, Suite 801B
One Monroeville Center
Monroeville, PA 15146
Just west of Red Lobster on Rt. 22
 
MURRYSVLLE / DELMONT
Saturday, September 17, 2016
10:00AM
Holiday Inn Express
Delmont/Murrysville
6552 Route 22
Delmont, PA 15626
Behind Lamplighter Restaurant
 

 
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All seminars are
FREE and open to the public
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Proudly serving clients throughout Allegheny, Westmoreland, Butler, Fayette, and Washington Counties; including Pittsburgh, Monroeville, Greensburg, Latrobe, Cranberry, Wexford, Sewickley and YOUR community.

Summary of 2013 Tax Changes
Including the American Taxpaer Relief Act of 2012

The new year brought a number of changes to the tax code in the U.S.  The most relevant features are set forth below:
 
ESTATE TAX
  • $5,000,000 estate tax and gift tax lifetime exclusion amount made permanent, indexed annually for inflation (currently $5,120,000);
  • Portability of estate and gift tax lifetime exclusion to a surviving spouse made permanent, permitting a surviving spouse to retain the benefit of any lifetime exclusion unused by deceased spouse;
  • 40% estate tax on estate amount exceeding remaining lifetime exclusion;
  • The annual gift tax exclusion amount is $14,000 per donor/ per donee for 2013;
 
EARNED INCOME TAXES
  • Payroll (FICA) contribution by employees raised back to 6.2% of the first $113,700 in earnings;
  • 0.9% Medicare tax on earned income over $300,000(joint)/ $250,000(individual);
 
INCOME TAX RATES
  • Maximum income tax rate raised to 39.5% on AGI over $450,000 (joint)/ $400,000 (individual);
 
CAPITAL GAINS AND DIVIDENDS
  • Capital Gain and Dividends tax rate remains 15%, but raises to 20% for taxpayers with AGI exceeding 450,000(joint)/$400,000(individual);
 
PERSONAL EXEMPTIONS AND ITEMIZED DEDUCTIONS
  • Personal Exemptions phase-out and Pease limitation on itemized deductions for taxpayers with AGI over $300,000(joint)/ $250,000(individual);
  • Medical expense deductions threshold raised to 10% AGI from 7.5%. People 65 or older can retain the 7.5% threshold through 2016; 
 
MEDICARE TAX ON INVESTMENT INCOME
  • 3.8% tax for taxpayers with AGI over $250,000(joint)/$200,000(individual), assessed on lesser of net investment income or income over described income threshold;
 
ALTERNATIVE MINIMUM TAX
  • Permanent modification to Alternative Minimum Tax exemption. In 2012, the exemption is $50,600 (single) and $78,750 (married), with annual inflation adjustments in future years.