Make the right choices preparing your 2012 tax return.  A variety of changes loom on the horizon.

• The Section 179 Deduction will fall to $25,000 from $139,000 unless Congress acts
• There will be a new Medicare tax of 3.8% on all unearned income
• There is now a Medicare Surtax of 9% for the self-employed as well as high income earners, those with income over $200k and $250k
• There is still a possibility the 36% and 39.6% tax brackets will return next year
• The Capital Gains rate for high income earners may rise to 20 as well as a 28% rate cap for itemized deductions
• The disappearance of Bonus Depreciation
• The Transfer Tax exemption falls from it’s current $5.12M/$10.24M to only $1M/$2M
• A rise to 10% from 7.5% for the Medical Deduction threshold