News You Can Use: Year End Tax Update - Important Tax Issues to Consider

From hedgeco,net: With President Obama re-elected, now is the time for hedge fund managers to consider some important tax issues and potential law changes.  The possible expiration of Bush-era tax cuts, enactment of several new provisions, and not much time left in 2012 make for a “perfect storm” in the tax planning world.  The following are some key areas to focus on as year-end approaches:

Increase in individual tax rates – The current individual tax rates in place for 2012 range from 10% and increase to 35% based on taxable income (gross income less allowable deductions).  The rates after 2012 are set to increase to a range of 15% to 39.6%.  Funds should consider accelerating ordinary income into 2012 to take advantage of the lower brackets.

Individual long-term capital gains and qualified dividends tax rates……….

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