An unpredictable tax and political environment and the passing of the American Taxpayer Relief Act of 2012 have created additional complexities to making financial decisions and determining tax liability. These complexities will grow as more provisions, such as new rates and capped deductions, take effect.

Tax Law Snapshot for the 2013 Filing Season provides an overview of key tax law provisions that may affect your return. Information is current as of Feb. 6, 2013. The Tax Law Snapshot features separate sections devoted to tax issues affecting individuals and small business owners. Many of the tax laws that pertain to individuals will also affect small business owners, particularly those who are set up as a pass-through entity such as an S corporation.

Important tax law changes that temporarily extended a number of tax provisions, and made permanent others that had lapsed or were set to expire, affect millions of taxpayers, individuals and business owners alike.

As a trusted business advisor, your CPA can answer your questions, address your concerns and design strategies you can follow throughout the year to reduce your tax liability. He or she also can identify the long- and short-term tax consequences of your spending, investment and other financial decisions, and advise you on the steps you can take to save money and meet your financial goals.