The New 3.8% Medicare Surtax – Will It Affect You? Higher income taxpayers could have some new taxes and tax rates to contend with when they file their 2013 tax returns. Among them is the new 3.8% Medicare surtax on net investment income. How Does the Tax Apply? This tax will be imposed on the […]
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Year-end Tax Tips, a little planning could save a lot in taxes. Here are a few strategies individuals and businesses can use to help lower their 2013 tax bills. Contribute to your retirement savings. To help with this year\’s taxes, increases to your 401(k) plan salary deferral must be made during 2013. However, you have
Tis the Season, at the end of the year, companies often celebrate the holidays by having office parties or giving gifts to their employees. The following are some general guidelines as to what is taxable and what is not. Gifts. Employers can give their employ- ees merchan- dise of nominal value – hams and turkeys,
Tax Credit Opportunities, tax deductions aren\’t the only things to consider when looking for ways to reduce your 2013 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \”refundable\”
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Powerful Deductions, taxpayers like deductions because they\’re a key to lowering taxes. But not all deductions work the same way in the tax calculation. Those you are allowed to claim \”above the line\” can be especially powerful. On your personal tax return, abovethe- line deductions are subtracted from your income to arrive at your adjusted
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Tax Breaks for Caregivers, at some point in your life, you may find yourself caring for elderly parents or other relatives. Or you may be doing it now. Whether it\’s hands-on care or financial aid only, providing care may allow you to take advantage of certain tax breaks. Dependency exemption. The person you are caring
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Tax Milestone, your local store probably carries special cards for the birthdays that tend to be milestones in ordinary life. Although taxpayers shouldn\’t expect to receive cards from the IRS, some birthdays are especially important for tax purposes, too. Birth. You generally can start claiming a dependency exemption for your child in the year he or she
Life Insurance – Avoiding Taxes On The Proceeds, when you purchased your life insurance, you probably thought about things like how much coverage, you should have a!!d the cost. The subject of taxes may not have come up, or you may have simply assumed life insurance proceeds are not taxable. As with so many tax
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Deducting Student Loan Interest, financing a college or graduate school education often requires incurring at least some student-loan debt. For those who qualify for it, the tax deduction for student-loan interest can help ease the financial burden. Overview, The deduction is available for as much as $2,500 of interest annually. Taxpayers don\’t. have to itemize
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Don\’t Be Caught by Surprise, for much of 2012, uncertainty about the fate of various favorable tax law provisions set to \”sunset\” at the end of the year has complicated tax planning. Although the situation may change, as this article goes to press, taxpayers are still waiting for answers from lawmakers and weighing what planning
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