There are many changes coming down the pipe if things on Capital Hills remain status quo. We have recently found a brief compilation of some of the major changes and thought they might be important to our readers.
It would probably be a good idea to start familiarizing your self with these changes (and others) so you’re not caught off guard come next April 15th.
These Tax Cuts that are expiring on December 31st include;
The 10% tax bracket is gone (the Minimum is now 15%)
Income Taxes are going up 3-5%
Capital Gains are going up 33%
Qualified Dividends are going up 175%
The Alternative Minimum is going up
Estate Tax are going from 35% to 55%
& IRA Conversions are going up 12%
These New Taxes go into effect January 1st
Medicare tax (over $250K) going up 2.35%
Excise Investment Tax going up 165%
Check out this HD Vest Financial report for more information; Countdown to 2013 Tax Report
As always we defer to, and highly recommend that you get in touch with, your CPA for information on these and any other taxes may affect you and your family.