Get All the Financial Services You Require from One Convenient Place

Businesses require many unique financial services, and it’s in the organization’s best interest for all of those services to be acquired from one convenient location. This not only allows the business to build a trusting relationship with one specific company or accountant, but it also helps the accountant or other professional to better understand every aspect of the business and its finances. Fortunately, there are many Naperville financial services organizations that span the wide range of corporate financial needs. One example is Susan S. Lewis, Ltd., a firm that is well known for providing friendly, hands-on service to businesses of all sizes.

Your business may, for example, be in need of an audit. An audit is a great way to back up your financial claims and to show how trustworthy and reliable your business is to potential or current investors, stockholders, creditors, and more. This is just one of many Naperville financial services you may require, however. You will, for example, need someone to handle your payroll, your taxes, and to get you set up with a good program, such as Quickbooks, that will combine your finances and other simple clerical tasks into one easily accessible location.

In addition to these services, it’s also wise to have someone trustworthy whom you can call upon in the event of a budgetary crisis, other financial problems, or when you just have questions and need answers fast. If you’re working with many different people and/or organizations, chances are you’re not going to know any one of them well enough to ask for advice or help when you need it most. As you can see, the smart and responsible thing to do is to find one company or professional who offers it all.

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Should You Hire a Corporate Tax Accountant

As a business owner, you may be wondering whether or not you actually need to hire a Naperville corporate tax accountant. After all, you may think, you’ve handled your own taxes for years, so why wouldn’t you be able to handle your business’s taxes. The truth is, however, that corporate taxes are a lot more complex and demanding than personal taxes and unless you have professional accounting experience yourself, they are probably going to prove quite challenging to you. It’s really in your best interest to hire a good, qualified accountant whom you can count on to process your taxes as efficiently as possible.

Contrary to popular belief, hiring a Naperville corporate tax accountant doesn’t have to cost a fortune. In fact, doing so can actually end up saving you money in the long run. A skilled accountant knows the tricks of the trade and can use his or her knowledge to find out about tax credits or tax breaks that can save you money. If you know how to file correctly, you can literally get breaks on just about everything, from office supplies to the costs associated with entertaining clients. Miss out on these tax breaks, however, and end up paying way too much for your taxes.

Most importantly of all, a good accountant, like those at Susan S. Lewis, Ltd. can reduce stress. Your life is already busy enough, and there’s no reason to add to that stress with the hassle of taxes. Let someone else—someone who knows what he or she is doing—take care of the hard work for you and relax knowing that your taxes will be filed and sent off without a hitch.

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Preparing Your Taxes

As a business owner, your tax preparation process will look quite different from that of the average person. There are many things you have to keep in mind when you file and many insider tips and tricks that can help you to save big on your taxes. Unfortunately, unless you’re a trained accountant, it’s far too easy to make a mistake, miss a tax credit, or do something else that causes the process to go less than smoothly. That’s why it is in your best interest to hire Naperville tax preparation professionals, such as those at Susan S. Lewis, Ltd.

One thing you will need to have access to is all of the information relating to your business’s income for a given tax year. Obviously, if you haven’t been keeping careful records throughout the year, this can prove to be a challenge. It is for this reason that you’re encouraged to start working with Naperville tax preparation professionals long before tax season begins. If you have a qualified, knowledgeable accountant helping you to stay organized and to keep detailed records throughout the year, you can get those taxes done and sent off in no time at all.

In addition to keeping track of all income related documents, you also need to keep a thorough list of your expenses. This can include expenses for traveling, advertising, meeting with clients, and more. Your accountant can help you to find tax credits for which you may be eligible. By finding the right tax credits, you can literally save yourself thousands of dollars, making the nominal cost of an accountant well worth it in the long run.

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Payroll Processing Doesn’t Have to be a Pain

One of the most loathed (but very necessary) responsibilities of the business owner is payroll processing. This long and arduous task is what ensures that every employee working for you gets paid and that he or she gets paid the correct amount. If you’re trying to handle the job on your own, know that you’re likely in for many sleepless nights and a lot of frustration. Plus, the more employees you have, the worse it gets, meaning the job just gets harder as your business grows. When you already have so much stress to deal with, why not just hire a payroll processing company to do the hard work for you?

One of the main reasons to hire a Naperville payroll processing company is to avoid having to hire a full-time or part-time employee just to do the payroll. This is another added expense you don’t need and, if you can’t offer a lot of hours to the professional, you may have a hard time finding someone willing to take the job in the first place! When you hire an outside accounting firm to do the work for you, you just pay one agreed-upon fee, which is a lot easier (and cheaper) than hiring someone and paying them by the hour.

A good Naperville payroll processing firm, such as Susan S. Lewis, Ltd. can also give you and your employees a lot more options in terms of payment. Maybe some of your employees want part of their funds to automatically go into a mutual fund, while others might love a direct deposit option. A good payroll professional can offer you many extras that you wouldn’t have had access to otherwise, keeping you and your employees happy.

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You Need a Corporate Accountant!

Abacus (Photo credit: skidder)

Many businesses, especially when they’re just starting out, make the mistake of thinking that they don’t need corporate accounting services. Often times, these businesses feel that they can handle their finances on their own and, at least in the beginning, that tends to be true. When a business is just getting started, its finances aren’t that hard to control but as it slowly begins to grow, handling the finances can get more than a little overwhelming. If you want your business to be successful, then you absolutely need to hire a corporate accountant to handle all of your money matters and help keep you afloat.

One of the main reasons that new businesses tend not to hire corporate accounting professionals is because they’re trying to cut corners and save money in any way that they can. While it might seem like a good idea to avoid the cost of an accountant, having the right professional on your side will actually save you money in the long run. A good, knowledgeable accountant, first and foremost, can help you to save a huge chunk of change on your taxes and can help you to find tax  breaks you didn’t even know existed.

While there are many Naperville corporate accounting firms that you can choose from, go with the one that has years of knowledge and experience under its belt—Susan S. Lewis, Ltd. This corporate accounting firm prides itself not only on saving you time but on making your business more efficient in general and on giving you the peace of mind you deserve. When you’re running a thriving business, you don’t have time to worry about taxes; let someone else do it for you!

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Quickbooks: Don’t Run Your Business Without It

If you’re running a business, then you and your employees need to be running Quickbooks. Without it,  keeping track of all of your information and just getting your work done ends up being much harder than it needs to be. There are so many advantages to using this well-trusted program, which explains why businesses of all sizes and from all corners of the world are using it right now.

Quickbooks isn’t always used for big tasks. In fact, it can really come in handy for the day to day clerical work that often goes hand in hand with running a business. Keeping track of client information, bookkeeping related tasks, and budgeting can all be taken care of with this program. Best of all, many tasks can be completed automatically, saving your employees time and energy and allowing them to focus their attention on more pressing issues.

Once you have all of your information put into the program, you can instantly generate reports anytime you need. These reports, which can help you to assess many different aspects of your business—from employee performance to financial standing—provide a wonderful way to see where you’re doing well and where you can stand to make a few improvements.

Of course, learning how to use the program can be a little tricky without the help of professionals. That’s why you’re encouraged to call upon Naperville Quickbooks experts, like those at Susan S. Lewis, Ltd. to help you get the ball rolling! These Naperville Quickbooks professionals can help you to get the program set up for your company, to input your initial information, and even to train each of your employees on how to use the program as effectively and efficiently as possible. Or, leave it to the pros at LewisCPA.

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Making Your Business Work for You

As the owner and/or maintainer of a business, you have to wear many hats and juggle a wide range of responsibilities. One of the toughest facets of your job is keeping everyone—from the lowest level stockholder to the most vital private investor—happy and satisfied. Investors, stockholders, and others involved with your business generally aren’t happy if they feel they are taking too large of a risk with their funds. Fortunately, you can show them just how stable and reliable your organization is by providing audits to them as requested.

Audits give peace of mind because they thoroughly review and verify many important aspects of your business, such as financial statements, prospects related to growth, and much more. The auditor should be someone experienced and very familiar with the process who can review all internal controls, communicate with any necessary outside organizations or involved parties, and test relevant transactions.

Having an audit done that verifies your business’s financial stability can do wonderful things for you. Not only will it keep stakeholders happy, but it can also help you to receive due tax payments more quickly and easily, to satisfy banking regulations and demands, to sniff out mistakes and right them quickly, and to lend an air of credibility to your business.

While there are many organizations you can turn to for Naperville audits, only the very best accountants should be trusted with the fate of your organization. One very trusted name in the industry is Susan S. Lewis. Lewis has been working as a certified public accountant for many years and maintains her own well known and very reputable firm. When you need Naperville audits for your business or company, turn to someone who knows how to make your business work for you.

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Organize Your Financial Records

Establish a regular system for all your important paperwork to save time and money.

Paperwork (Photo credit: Sean Rogers1)

By Sandy Fernandez

Ever missed the window on a money-back rebate or paid a steep price for accidentally skipping a credit card payment? Then you know that disarray can cost you. This month, organize your paperwork once and for all. The system described below can help you easily locate your records when you need them, reduce your chances of identity theft, and simplify filing come tax time. 

STEP 1: Create a file system for this year's financial records.
Keep credit card and insurance statements as well as sales receipts here—but only for the current tax year. Everything older should be tossed, stored with past-year tax documents or put in a permanent file. 

What you will need: Manila or colored folders, hanging file folders with stick-up labels (including several with a wide bottom for large files), and a drawer or file box. 

The easiest way to avoid overdrawing is to pay all of the bills that come due within your pay period at once. If you pay online, the bank will subtract the funds, leaving you to spend (or save) whatever you have left over with no worries. 

Get started: Designate hanging files for the following categories: banking, business, cars, credit cards, household, income, insurance, investments, kids, legal, medical, warranties and miscellaneous. Inside each hanging file, include several manila folders that fit within that category. For example, keep folders for each vehicle in the cars file, including all the current paperwork for payments, insurance and maintenance. Don't sweat the categories: Do what makes sense to you. You can always make changes.

STEP 2: Put together an action file.

Think of this as your running to-do list. Store pending bills, statements you need to review for accuracy, recent receipts and anything else requiring action until you have time to read them and reconcile or file them.

Get started: Label your folders Bills to pay, To do later, To do this week, To file, To read and To shred. Stash these folders someplace accessible so you can drop in just-arrived credit card offers, that afternoon's receipts, the fund-raising request for your daughter's Brownie troop and similar items.

STEP 3: Maintain your system. 

Set aside enough time on a regular basis to go through each item in your action file. This is an important step; do it consistently so nothing slips through the cracks. What you will need: A calendar, your files and a block of time. 

Get started: During your session, pay any bills that are due, balance your checkbook, reconcile receipts with your bank or credit card accounts, file your papers, check items off your to-do lists and shred papers you no longer need. Don't forget to empty your "To do this week" folder and move up items from your "To do later" folder.

STEP 4: Organize your remaining files.

Aside from permanent vital records and tax documents, you don't need to hold on to most of your paperwork for more than a year. Audit your existing files to find a place for everything.

What you will need: A file box will suffice for old tax paperwork. Consider a locked filing cabinet to keep permanent documents, such as passports and property titles, accessible yet safe. Feed old statements into a crosscut shredder.

Get started: Bring all your financial and legal papers to one central location to complete this task. Then pull each paper out and toss, shred or file it. 

More tips for ultimate organization

Designate a command central: Choose one place to store your financial paperwork. It doesn't have to be a filing cabinet. If you prefer working in a kitchen nook, use a portable file box.

Stay on schedule: Maintain a regular routine so you don't miss critical deadlines.

·         Daily: Place your mail in a spot you've designated. Put all the financial papers (bills, credit offers, coupons, bank statements) in your action file, the garbage or the shredder.

·         Weekly: Dedicate at least a half hour to a finance update in which you clear your financial to-do list.

·         Monthly: Spend 45 minutes on file maintenance. Sort through bulging files for reconciled statements that can be shredded.

·         Annually: Review all your policies, long-standing accounts and will. If there has been a birth, death or divorce, consider updating your beneficiaries. Check for outdated terms and premium costs that seem too high. Put a note in your "To do later" file, and set aside time to investigate these items further.

Keep (or toss) important documents: Having an overstuffed filing cabinet makes it harder to stay organized. 

Make a treasure map: In case of emergency—your house catches on fire, say—make sure you have a single file with copies of identification documents, lists of accounts and other need-to-know information that can help you reconstruct your financial affairs. 

Download and complete the free vital documents map at juliemorgenstern.com/downloads.php; store one copy at home and another outside the house for safekeeping.

The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Mercer HR Services, LLC or MMC Securities Corp. and are unaffiliated with any of the entities referenced above.

Adapted from the January 20, 2012 issue of All You. © 2012 Time Inc. All rights reserved.

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Protect Your Finances

With the economy in flux, now is the time to shore up your funds. Here are three areas to focus on.

By Ryan Mack

From the controversy over the debt ceiling to the Dow Jones index fluctuations in recent months, the economic ups and downs of the past few years have left many of us wondering when the turbulence will finally subside. Navigating these financial highs and lows has been a rocky road. Still, now is not the time to panic. Follow these smart moves to help protect your financial future.

HOW TO HELP PRESERVE YOUR...

LOANS AND CREDIT LINES

Those who will benefit most from falling interest rates are people who have high liquidity and good credit scores. Go to annualcreditreport.com to start repairing or building your credit. And stash some cash. Your goal should be to save up to 12 months of living expenses.

Pay bills on time. It may sound simple, but making timely bill payments can decrease the chance of a rate spike. If you have good credit, check in with creditors every six months to negotiate a better rate.

Watch interest rates. Federal Reserve Chairman Ben S. Bernanke’s decision to keep rates close to zero through 2013 means that the variable rate on your credit card will stay low. To compare rates, go to bankrate.com.

RETIREMENT SAVINGS

The worst thing to do is to make a knee-jerk decision that locks in losses. Think of falling stock prices as you might a shoe sale. Cheap can be good! Consider picking up more shares now, and regularly discuss asset allocation and risk tolerance with your financial adviser. Other stopgaps:

Consider safe havens. Talk to your adviser about other avenues that can provide a decent yield in your portfolio, like municipal bonds, which can help protect your initial investment while earning you tax-free interest.

Bond investing is subject to risks, such as interest rate, credit and inflation risk. As interest rates rise, bond prices fall. Long-term bonds have more exposure to interest rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk.

Manage your 401(k). Review the plan to familiarize yourself with your portfolio of investments. Then talk to your adviser to be sure you have the appropriate asset allocation. Check your plan at least twice a year to monitor performance.

REAL ESTATE

Mortgage rates should stay low for at least the next several months. Rates are tied to the U.S. Treasury, so consider refinancing to lock in a better interest rate. If you are at risk of foreclosure, contact hud.gov to find a credit counselor who can help you save your home. Additional actions:

Invest for less. You can’t stop your home from depreciating, but you can maybe take advantage of opportunities that a volatile market presents. Consider pooling funds with family and close friends to buy investment property. That way, you’ll mitigate the risk of full ownership.



From the October 2011 issue of Essence.© 2012 Time Inc. All rights reserved.

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2013 Tax Rates - Income Brackets

The major accomplishment of the American Taxpayer Relief Act, aside from keeping the country (and us!) from falling off the "fiscal cliff," was that it made permanent most of the tax laws we've become used to following for the last 12 years.

What does this mean for me?

I know, permanence doesn't mean the same thing to Congress as it does to you, me and dictionary editors. Officially, it simply means that we don't have to worry about tax breaks like the $1,000 amount of the child tax credit expiring at a preset date.

Of course, the biggie from this latest tax bill is that it keeps the lower tax rates first enacted under the George W. Bush administration in place, aka, permanent.

Tax (Photo credit: 401(K) 2013)

And it tacks on a new top rate for wealthier folks.

But deciding what our 2013 and future taxes would look like was just one part of the process. We had to wait for the Internal Revenue Service to figure out, based on inflation, just how much of our earnings fall into these now permanent tax brackets.

Tah-dah! We now know.

The IRS has released the remainder of the 2013 inflation adjustments, including this year's tax rates and income brackets. Bankrate has published the complete information in a spanking new 2013 tax rates table.

2013 tax rates

Tax rate	Single filers	Married filing jointly or qualifying widow/widower	Married filing separately	Head of household
10%	Up to $8,925	Up to $17,850	Up to $8,925	Up to $12,750
15%	$8,926 - $36,250	$17,851 - $72,500	$8,926- $36,250	$12,751 - $48,600
25%	$36,251 - $87,850	$72,501 - $146,400	$36,251 - $73,200	$48,601 - $125,450
28%	$87,851 - $183,250	$146,401 - $223,050	$73,201 - $111,525	$125,451 - $203,150
33%	$183,251 - $398,350	$223,051 - $398,350	$111,526 - $199,175	$203,151 - $398,350
35%	$398,351 - $400,000	$398,351 - $450,000	$199,176 - $225,000	$398,351 - $425,000
39.6%	$400,001 or more	$450,001 or more	$225,001 or more	$425,001 or more

What to expect under the new brackets

The first $8,925 of your income is taxed at 10 percent if you're a single taxpayer. A head-of-household sees $12,750 of his income taxed at this lowest rate. Married couples filing a joint return have $17,850 of their income taxed at 10 percent. If the tax bill hadn't made this Bush-era rate permanent, all this money would have been taxed at 15 percent, so there's a 5 percentage point savings.

On the much publicized other end of the scale, which we all hope to one day reach even though we'll complain about the taxes then, single taxpayers will pay a tax rate of 39.6 percent if they make more than $400,000. That top tax rate kicks in for a head-of-household at $425,000 and a jointly filing couple at $450,000.

Now here comes the fun part of the 2013 tax table.

If you're tax geeky like me (and aren't you, since you're reading this blog?), you'll also notice that the 35 percent income bracket is tiny for single taxpayers. Only about $1,650 is covered in this filing status' tax bracket -- earnings from $398,351 to $400,000.

The spread is larger for head-of-household and married joint filers. Single taxpayers claiming dependents will see $26,650 of their earnings taxed at 35 percent. The penultimate tax rate will apply to $51,650 of a married couple's income.

But that $1,650 amount could be a problem one day. Depending on inflation, a single filer could soon see his or her income tax rate jump from 33 percent to the top 39.6 percent rate.

This is one of those frequent unintended consequences of hurried tax legislation. Don't be surprised if Congress soon revisits the rate structure and we have another big Capitol Hill fight over what to do about the incredibly shrinking 35 percent income tax bracket.

By Kay Bell · Bankrate.com

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Get on Track with a Financial Checklist

Perform a self-audit to set yourself up for the year ahead.
By Michael Kaminer

Once you've successfully filed your taxes, keep the momentum going—now's the time to audit your spending, squeeze every bit out of your benefits and create a strategy for the future. These simple tasks will help improve your finances in the year ahead.

Take Stock of Your Expenses

Analyze your spending habits and recurring costs to find out where you can save.

 Review spending. Many credit cards (including American Express and Discover), banks and Websites (like Mint.com) offer free year-end summaries, sorted by spending category (travel, say). Seeing at a glance where you overspent—and where you successfully cut back—in the past year will help you plan for the future.

·         Lower your fees. Carefully examine your bank and credit-card statements. Because of new laws limiting what banks can earn on debit-card transactions, many financial institutions have created new fees such as "activity requirements," meaning you can be charged for not using your account. Check Bankrate.com to compare account fees. And be sure to include credit unions in your search—their fees tend to be lower than those of most banks.

·         Evaluate your insurance. When your policy changes, you find yourself in an empty nest or you face a sudden health issue, you might be over- or underinsured, or simply paying too much. End the year by reviewing your life, health and homeowners coverage to ensure that the benefits and premiums make sense. Get quotes from multiple companies at Insurance.com, and ask your current carrier if it can beat the best offer. Also inquire about discounts for bundling different kinds of coverage (such as property and auto insurance). At HealthCare.gov, find and compare health plans.

Maximize Your Benefits

You work hard, so be sure to take advantage of your workplace and insurance use-it-or-lose-it benefits throughout the calendar year. 

·         Plan time off. According to a Harris Interactive survey conducted in late 2011, 57% of Americans don't take all of their vacation time. If you have unused days, take them—you've earned them. If your job is too busy now, negotiate rolling them over.

·         Empty your FSA. Participants in flexible spending accounts lose, on average, $75 each year by not draining their account, says S. Fred Green, project manager for WageWorks, which administers employee benefits. If you have money left in an FSA, use it by year's end (some companies have a grace period through March 15) by stocking up on items such as contact lens solution and diabetes supplies, and seeing specialists with high co-pays (a chiropractor, say, and a therapist). Visit SaveSmartSpendHealthy.com for a list of eligible expenses.

Plan for the Year Ahead

Avoid financial surprises in 2012 by following this advice.

·         Autosave for an emergency. If your car breaks down, even a $500 cushion will make a difference. An excellent way to be prepared is to sock away cash regularly. Open an account that you can feed with automatic payments but can't easily withdraw from.

·         Create a plan and stick to it. Use the intelligence you've gleaned from your spending habits to craft a realistic budget. Whatever your financial challenge, you can find customized solutions and smart steps to managing your money at AllYou.com. Type in "build a foolproof budget" to get started.

·         Set goals. Has it been years since you last vacationed? Committing financial goals to paper is a great way to make them real. Give each goal a page, making it as detailed as possible, including how you plan to attain it. Review your goals regularly to make sure you're taking steps in the right direction.

Adapted from the Dec. 16, 2011 issue of All You. © 2012 Time Inc. All rights reserved.

The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Susan S. Lewis Ltd or Platinum Financial and are unaffiliated with any of the entities referenced above.

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New Taxes in 2013 - What You'll Pay

The New Years Day compromise on the fiscal cliff was designed to prevent massive tax increases from taking effect that many feared would devastate the economy. Yet even with the compromise, several new taxes in 2013 will raise tax bills for millions of Americans, and the groups that are the most affected by the changing of the calendar may surprise you.

Here's a list of new taxes that took effect as of Jan. 1:   

Income tax (Photo credit: Alan Cleaver)

Payroll Taxes: Returning to Old Levels

For the past two years, just about everyone who has a job got a tax break of 2 percentage points on the Social Security taxes withheld from their paychecks. But on Jan. 1, the rate of tax withheld from employee paychecks rose from 4.2% to 6.2%, representing about a $1,000 tax increase for typical families earning $50,000. Already, anyone who's received a paycheck in 2013 has likely seen the impact of this tax, with those who get paid twice a month having about $40 extra taken out under the FICA on their paychecks.

Few analysts expected the fiscal cliff negotiations to extend this tax break further. But given that it hits at just about everyone, it could have the biggest impact of any of the new taxes in 2013.

Medicare Surcharge

High-income earners will see a brand-new tax this year. Single filers earning more than $200,000 and joint filers with income over $250,000 could be subject to two new taxes.

With one tax, if your earned income goes above the threshold, then you'll owe an extra 0.9% of your earnings in Medicare withholding. In some cases, this additional money may be taken directly out of your paycheck, although for joint filers, your employer may not be able to do so accurately because it doesn't know what your spouse earns in order to get the calculation correct.

The second tax applies to investment income, including interest, dividends, and capital gains. For this income, you'll owe an extra tax of 3.8% for any amount that exceeds the threshold. The idea behind this part of the new tax is to treat investment income for high-income earners the same way as earned income, making both types of income subject to the same higher Medicare tax rate.

New Tax Brackets and Rates for High-Income Earners

The biggest news from the fiscal cliff compromise was the return of the 39.6% tax rate for singles earning more than $400,000 and joint filers with income above $450,000. This rate is a carryover from the old rate structure that existed before the tax cuts of the early 2000s and represents a 4.6 percentage point rise from the old 35% rate.

In addition, taxpayers whose earnings are above these thresholds will see their taxes on dividends and capital gain income rise from 15% to 20%. Given that dividend rates could have risen as high as the 39.6% ordinary income tax rate, investors were fairly pleased with the eventual outcome.

Disappearing Deductions and Other Hidden Taxes

In addition to the explicit increases in taxes, some old provisions are back that will have the same tax-increasing impact. In particular, two separate rules that phase out certain deductions for high-income taxpayers came back this year after having been absent from tax law since 2009.

The phase-outs target two areas: personal exemptions and itemized deductions. One rule, known as the PEP, reduces the value of your personal exemptions by 2% for every $2,500 in additional income you earn over thresholds of $250,000 for singles and $300,000 for joint filers. The other rule, called the Pease phaseout, cuts the amount you can claim in itemized deductions by 3% of the amount of additional income you earn over those same thresholds, subject to a maximum reduction of 80% of your itemized deductions.

Those calculations are a bit complicated, but the net result is that you can end up paying thousands of extra dollars in taxes by losing the value of those deductions.

Finally, the estate tax rate rose from 35% to 40% this year. With the $5 million exemption made permanent, however, the impact of the tax will be limited to far fewer families than would have paid tax without the fiscal cliff compromise.

Start Planning

These new taxes for 2013 won't make anyone happy, but by knowing about them early on, you can start planning for them right away. Doing so may not let you reduce your tax bill too much, but it'll at least get you prepared for the hit to your paycheck and your tax refund next year.

The article New Taxes in 2013: What You'll Pay originally appeared on Fool.com.

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