Who doesn’t like change? With everything that has happened at the end of 2012 and in the beginning of 2013, a lot has transformed.
For those of you not ready for this much adjustment, brace yourself because these new changes have arrived! However, don’t be too alarmed at not being up to date with these new alterations in the tax law because Herbein has got you covered with a general overview of what you can expect.
The overview will include a summary of several large changes:
- Additional Tax Bracket
- Social Security and Medicare Tax
- Qualified Dividends and Qualified Capital Gains
- Net Investment Income Tax
- IRA Contribution Limits
- Standard Deductions
- Mileage Rates
- Medical and Dental Expenses
- Itemized Deduction Phase Out
- Personal Exemptions/Phase Out
If you have any questions regarding these changes, please contact Stacy A. Weller at [email protected]. Research for this article contributed by Joann Pun.