Archives For Adjusted Gross Income

It turns out that the summer time could be the best time to be thinking about your taxes. Planning halfway through the year is more beneficial because you have a good idea of what your earnings are going to be and you will have ample time to make the necessary changes to cut down on the taxes you will owe.

With the help of Fox Business, here are the top 10 mid year tax moves to make now.

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Medical costs seem to increase every year. Uncle Sam can be there to foot some of the doctor bills, but you need to make sure you know and follow the rules. You can find those and overlooked tips for deducting medical expenses here.

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A new IRS report reveals that when stock markets rallied following the financial crisis of 2007-09, the wealthiest Americans saw their taxable income rise while their effective tax rates fell. Continue Reading…

In 2013 some wealthy earners will be subject to a new medicare tax (see Infographic); no, this isn’t the medicare payroll tax (although that too will also increase for some earners), rather it is an additional 3.8% tax applied to Net Investment Income for wealthy earners. To be subject, US earners must have an Adjusted Gross Income of $200,000 for individuals or $250,000 for couples filing jointly. Additionally, they must have some form of unearned income from investments in which they are passively involved, meaning they do not have material participation in the activity. This net investment Income can include earnings from property sales, rents, estates and trusts, annuities, stocks, bonds and more. With the changes, anyone who might be subject to the tax (which, by the way, is less than 4% of Americans), should seek a financial advisor immediately to plan for 2013 and beyond.

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Unearned Income Medicare Contribution

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JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.