Archive

25Nov2013

Your 2013 Tax Bill May Give You A Shocker

Article Highlights Regular and capital gains tax rates increase for higher income taxpayers New 3.8% net investment income tax Additional 0.9% health insurance payroll and self-employment tax Phase-out of exemption deduction Phase-out of itemized deductions Many higher-income taxpayers are in for a shock when their 2013 income tax returns are prepared. In 2013, a significant
  • 25 Nov, 2013
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21Nov2013

You and the New Medicare Tax

Article Highlights: New additional 0.9% Medicare tax for higher-income taxpayers. Threshold for paying the tax is combined wages and net self-employment income of over $250,000 for married individuals and $200,000 for others. Certain combinations of income and marital status could result in unexpected tax liabilities and penalties. There is a new additional Medicare tax in
  • 21 Nov, 2013
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18Nov2013

Fine Tuning Capital Gains and Losses

Article Highlights          Long-term capital gains rates are zero to the extent that the taxpayer is in the 10 or 15% regular tax bracket.          Long-term capital rates are 15% to the extent that the taxpayer is in the 25% through the 35% regular tax bracket.      
  • 18 Nov, 2013
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15Nov2013

Avoid Home Cancellation of Debt Income

Article Highlights • Forgiven debt is taxable. • Forgiven home mortgage acquisition debt is excludable. • Without a last-minute congressional extension, the home mortgage acquisition debt exclusion expires at the end of 2013. When a taxpayer settles a debt for less than its full amount, the forgiven amount of the debt is taxable, unless the
  • 15 Nov, 2013
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13Nov2013

Take Advantage of the IRA-to-Charity Transfer

Article Highlights Direct IRA-to-charity transfers are allowed in 2013 for taxpayers age 70½ and over. Maximum transfer allowed is $100,000. Transfer counts towards the required minimum distribution. Beneficial for taxpayers with Social Security income and those who do not itemize their deductions. For 2013, if you are age 70½ and over, you are allowed to
  • 13 Nov, 2013
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13Nov2013

What’s Best…Tax-free or Taxable Interest Income?

Article Highlights Interest earned from states’ and local governments’ general purpose obligations that are generally tax-exempt for federal purposes. Earning tax-exempt interest may not put the most after-tax dollars into your pocket. Tax-exempt interest is not subject to the new 3.8% surtax on net investment income. Tax-exempt interest is still treated as income for the
  • 13 Nov, 2013
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04Nov2013

November Due Dates

November 2013 Individual Due Dates November 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 12. Your employer is required to withhold FICA
  • 4 Nov, 2013
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