Focus on finance: Tax law updates for 2013

Question: What can you tell me about the American Taxpayer Relief Act that recently was signed?

Answer: The American Taxpayer Relief Act of 2012 was signed into law Jan 2. It includes key provisions that will affect many households.

The Bush-era tax cuts are permanent with the exception of a new top rate of 39.6 percent for taxable income levels of $450,000 for joint filers and $400,000 for single filers.

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