7 Important Tax Changes
The Wall Street Journal has highlighted some important changes in tax law that tax payers should be aware of. They are listed below:
- There is a higher top tax rates on income, capital gains and dividends
- Medicare surtax on investment investment income may apply to some taxpayers
- Medicare surtax on salary and self-employment income may apply to some taxpayers
- Exemptions can be curtailed for some taxpayers
- Itemized deductions can be curtailed for some taxpayers
- There is a higher threshold for itemized medical deductions
- Married same-sex couples must file as married taxpayers
See David Song, WSJ: Seven New Changes for This Tax Season, Wealth Strategies 2.0, Jan. 15, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
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