For the first time since 2009 the earnings subject to Social Security is going up. In 2009 and 2010, the first $106,800 in earnings was subject to this 6.20% tax (12.40% if self-employed).

Hopefully, you followed some of the suggestions we outlined a couple of years ago in TTW #21 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you, and your tax advisor, can spend more time on tax and financial planning issues for 2012 vs. looking back to 2011.

Instead, the family of Bradstreet & Company would like to wish you and your family the most joyous holiday season and best wishes for 2012.

As another year comes to an end and the upcoming tax filing season looms before us, we wanted to send you this short list of the ever-changing tax laws. This is only a partial summary of what to expect this year. Please call us if you have any questions.

The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs and SIMPLE IRAs.

Several months ago (see TTW #90) we told you that the requirement for all businesses to issue a 1099-MISC to any entity to whom they paid in excess of $600 was repealed. (Remember, this was the rule that would have required a small business owner to issue a 1099-MISC to Best Buy if they bought a computer from them). This reporting requirement also applied to those that had rental properties.