More on the American Taxpayer Relief Act

There are many provisions the American Taxpayer Relief Act (ATRA) extended.  Of particular note to folks who live in Texas and other states without a state income tax, the election to claim an itemized deduction for state sales tax in lieu of state income taxes was extended through 2013. Prior to passage of the new Read more about More on the American Taxpayer Relief Act[…]

Fiscal Cliff Legislation

All eyes and ears were on Congress during the past few days, waiting to see if our legislators would be able to come up with a solution to a problem they created themselves.  The House was able to pass the American Taxpayer Relief Act of 2012 on January 1, 2013.  What are some of the Read more about Fiscal Cliff Legislation[…]

Additional Medicare Tax

In a previous post, I discussed the 3.8% Medicare surtax which takes effect in 2013.  There is another  Medicare tax effective for tax years beginning after December 31, 2012, the 0.9% Medicare surtax.  The health care reform legislation passed in 2010 created both of these surtaxes.  The 0.9% surtax imposes an additional tax on FICA Read more about Additional Medicare Tax[…]

Medicare Surtax

Beginning in 2013, certain investment income will be subject to an additional 3.8% surtax.  This provision is a part of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010.  Let’s take a look at the provisions. Who will be subject to the tax? Only taxpayers Read more about Medicare Surtax[…]

2013 Standard Mileage Rates

The IRS issued the 2013 standard mileage rates last week.  Beginning on January 1, 2013, the standard mileage rates for the use of an automobile will be: 56.5 cents per mile for business miles 24 cents per mile for medical or moving purposes 14 cents per mile driven in service of charitable organizations The mileage Read more about 2013 Standard Mileage Rates[…]

Tax Changes in 2013

I attended a brief continuing education presentation last week about some of the current developments in taxation. Most of the changes involve the expiration of the so-called Bush tax cuts. Without action by Congress prior to the end of 2012, there will be significant changes to individual taxes in 2013. Tax rates Individual tax rates Read more about Tax Changes in 2013[…]