Yup – there is a new tax in town for 2013 and it can add up quick. You can get hit in two ways: (1) additional Medicare payroll tax and/or (2) new Medicare contribution tax on unearned income. Let’s take a look at the taxes individually.
January 14, 2014
August 29, 2013
Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]
January 10, 2013
The American Taxpayer Relief Act of 2012 does the following: Tax Rates – For most individuals it extends the lower federal income tax rates that have existed for the last ten years. However, if you make more than $400,000 (or $450,000 for joint filers), your top rate will increase to 39.6%. Capital Gain Rates – Again for […]