“The major changes in the tax laws for 2013 means taxpayers, especially higher-income earners, may be in for a big surprise when it comes time to filing their return in April if they’re not cognizant of the new regulations", says Anthony DeFranco, Certified Public Accountant with Couto DeFranco.
“Before, the highest tax bracket for individuals was 35% and it’s now 39.6%,” he explains. “The good news is this [only] affects single filers with a taxable income over $400,000 and joint filers with taxable income over $450,000.”
No matter their tax bracket, all filers should understand how tax exemptions, deductions and credits can reduce the amount of taxes owed, and avoid making a mistake or potentially getting audited.
When it comes to tax deductions, DeFranco recommends taxpayers add up all itemized deductions and compare it to the standard deduction to see which number is larger.
“The standard deduction is $12,200 for married couples and $6,100 for individuals and most people if they own a house are going to be better off with the itemized deductions because of the mortgage interest deduction and real estate tax deduction,” he says.
Read more: http://www.foxbusiness.com/personal-finance/2013/06/14/mid-year-tax-planning-tips-to-do-now/#ixzz2XukRNmhh
Located in West Orange, New Jersey, Couto DeFranco is a CPA firm that offers accounting, tax and consulting expertise, along with in-depth industry experience, enabling the firm us to customize solutions to each organization’s unique needs.
Couto DeFranco provides individual and business clients with a diverse range of accounting, and tax services. They also prepare financial statements for both internal use and external review, including lenders, investors, and other third parties. Partners Nelson Couto and Anthony DeFranco are proud to have celebrated the firm’s 20th Anniversary in 2012.
Successful companies across a variety of industries view Nelson Couto as their on-call CFO; overseeing both the day-to-day and more strategic needs of the firm's clients, providing guidance in areas such as taxes, accounting and financial reporting. As a Certified Public Accountant as well as a Certified Financial Planner™, Couto views every situation as an opportunity to develop a customized strategy for your financial future. He assists companies with financing, succession and estate planning strategies. He also assists individuals with advanced wealth management strategies.
Anthony DeFranco's clients view him as a financial coach - using his professional expertise to deliver the practical advice and personal encouragement they need to pursue their financial future. DeFranco's extensive background in taxation - including a Masters in Taxation - is invaluable for helping the firm's clients assess the tax ramifications of various financial strategies. He has built a highly regarded specialty in all phases of tax preparation, planning, and estates and trusts, for clients ranging from individuals and families to closely held corporations and non-profit organizations. DeFranco also has extensive experience in the design and implementation of corporate compensation, fringe benefit and retirement plans.
Whether you're taking your first steps toward entrepreneurship or moving your small business to the next level, Couto DeFranco provides the support you need at every stage.
For more information on how Couto DeFranco can help you or to make an appointment for tax or financial planning services, call (973) 325-3370.
Read Full Story - Couto DeFranco Partner Anthony DeFranco, CPA, CFP™ Interviewed on Fox Business | More news from this source
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