Taxpayers should be aware of numerous tax law changes for 2013 and 2014. \u00a0Below are just a few key tax law changes you should be aware of that could affect your tax return this year.<\/p>\n
1) Income Tax Rate Increase for High Earners beginning in 2013:<\/strong><\/span> 2) Capital Gain & Dividend Rate Increase for High Earners beginning in 2013:<\/strong><\/span> 3) Additional Medicare Tax:<\/strong> 4) New 3.8% Additional Medicare Tax on Net Investment Income:<\/strong> <\/span> 5) New Home Office Deduction Simplification:<\/strong><\/span> 6) Higher Threshold for deducting Medical Expenses: \u00a010%<\/strong><\/span><\/p>\n These six changes are just a few of the many tax changes that could affect your tax return for 2013 resulting from recent legislation, primarily the American Taxpayer Relief Act of 2012 and the Affordable Care Act. \u00a0Please be sure to address your 2013 tax needs earl in the 2014 season. \u00a0If you are looking for tax assistance please contact Stephen Scott at 314-984-9829 x11 or email info@scottcpa.com.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Taxpayers should be aware of numerous tax law changes for 2013 and 2014. \u00a0Below are just a few key tax law changes you should be aware of that could affect your tax return this year. 1) Income Tax Rate Increase for High Earners beginning in 2013: The new 39.6% rate applies to incomes above: Married … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/228"}],"collection":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228"}],"version-history":[{"count":2,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions"}],"predecessor-version":[{"id":232,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions\/232"}],"wp:attachment":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe new 39.6% rate applies to incomes above:
\nMarried Filing Joint: \u00a0$450,000
\nHead of Household: $425,000
\nSingle: $400,000
\nMarried Filing Separate: $225,000<\/p>\n
\nThe top capital gains rate increases from 5% to 20%. \u00a0This rate applies to taxpayers with incomes above:
\nMarried Filing Joint: \u00a0$450,000
\nHead of Household: $425,000
\nSingle: $400,000
\nMarried Filing Separate: $225,000<\/p>\n
\n<\/span>For single taxpayers with income greater than $200,000 and married fielding joint filers with income > $250,000, there is a new .9% Medicare Tax (See instructions for other filing statuses). \u00a0This new tax needs to be calculated and reported using the new form 8959.<\/p>\n
\nThis new tax applies to Single Filers with income > 200,000 and MFJ filers wtih income > $250,000. (other filing status have different thresholds) As your tax professional if this tax applies to you.<\/p>\n
\nThe IRS has released rules regarding the home office deduction calculation. Taxpayers may now claim $5\/sq ft on up to 300 sq ft of qualifying home office space used for business. \u00a0This rule is designed to simplify home office deduction record keeping and reporting for small business home offices.<\/p>\n