Make note of the following federal income tax changes that took effect in 2013.
- Higher tax rates for upper-income individuals
- Itemized deduction phase-out rule for upper-income individuals
- New 3.8 percent Medicare surtax on investment income collected by upper-income individuals
- New 0.9 percent Medicare surtax on salaries and self-employment income earned by upper-income individuals
- New personal and dependent exemption deduction phase-out rule for upper-income individuals
- Members of legally married same-sex couples must file as married individuals
- Higher threshold for itemized medical expense deductions
Call us with your tax questions and learn more about tax solutions today!