Tax Pro Plus: Quick Winter 2012 Tax Tips

1. In 2012, you can gift up to $13,000 to as many individuals as you wish without having to worry about any gift tax consequences to you or your gift recipients. Your spouse can also gift up to $13,000 to the same individuals with no additional tax consequences.

2. For calendar year 2013, the annual limitation on HSA contributions for an individual with family coverage under a high deductible health plan is $6,450, up from $6,250 in 2012. For an individual with self-only coverage under a high deductible health plan, the annual limit is $3,250, up from $3,100 for 2012.

3. An online version of the Social Security Statement is now available at socialsecurity.gov. The new online statement provides eligible workers with access to their social security earnings and benefit information.

4. The Additional Medicare Tax goes into effect for taxable years beginning after December 31, 2012. The statute requires an employer to withhold Additional Medicare Tax of 0.9 percent on wages or compensation it pays to an employee in excess of $200,000 in a calendar year.

If you have any questions, please call Tax Pro Plus LA today: 310-827-4829.