The IRS announced an expansion of the “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making installment agreements available to more people.

Two weeks ago we discussed upcoming 2013 tax increases due to the health care bill. Last week we looked at potential tax increases if the current tax cuts are not extended. This week are some suggestions to consider for the remainder of 2012 while we know what the tax rules are.

Last week we looked at some pending tax increases in 2013 as a result of the Supreme Court upholding the major provisions of the Patient Protection and Affordable Care Act (Obamacare).

On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans must carry health insurance or pay a penalty, is constitutional.

Generally speaking, any asset purchased by a business that is expected to last more than one year must be depreciated over the useful life of that asset.

Little publicized, but effective and starting in 2013, as a part of the Patient Protection and Affordable Care Act of 2010, enacted March 23, 2010, there will be a new tax of 3.8% applied to “net investment income." This new tax would apply to taxpayers with taxable incomes in excess of $200,000 ($250,000 for married filing joint return).