Making mortgage payment due on Jan. 1 in December will lower your taxes if you will switch from itemizing to the standard deduction.
Losing the state income tax and property tax deductions isn’t a big deal even for someone with a high income in a Blue State.
AMT tax brackets for calendar year 2013 and 2014, including phaseout ranges where your tax rate is 6.5%-7% higher than the statutory rate.
The previous two posts about the fiscal cliff law looked at Roth conversion and dividends and capital gains. Today we look at the new law’s reductions to personal exemptions and deductions for higher income taxpayers. Higher income for this purpose is defined as having Adjusted Gross Income (AGI) in 2013 over $250k for single and […]
Today we look at how dividends and capital gains will be taxed after the fiscal cliff deal, officially known as the American Taxpayer Relief Act of 2012. Don’t be surprised it gets a little more complicated. First of all when I say dividends and capital gains, I’m referring to qualified dividends and long-term capital gains. […]
Now that the health care reform law is upheld by the Supreme Court, the 3.8% Medicare tax on unearned income for high earners is also here to stay. It will come into effect in 2013. Just to recap, the chart below shows how it works: The tax is on unearned income — interest, dividend, capital […]
Among the various tax forms I have been receiving lately is a 1099-G from my state. It says it’s for the state income tax refund I received last year. I received a state income tax refund last year because I had too much withheld in the previous year. The refund was returning my own money […]