Tax tips for Married Filing Joint Taxpayers in 2013
Funny. You’d think one would remember being shoved off a cliff. Whether this cliff be a fiscal or a literal one. Apparently, after years of deliberation from congress, three hours before the midnight deadline of January 1st, the House approved a deal. Technically, the establishment rode us right “over the cliff, “ considering the details of the deal were not finalized until after the deadline of the new year. The freshly minted portions of the tax code will of course be retroactively applied to the first minute and day of 2013. Now let’s get to the important part. How does this affect your client? What advice can you give to your client to show them you are voraciously researching the aspects of this deal and using that knowledge to lower their soon to be gargantuate tax bill.
For the tax year of 2013, the tax code will go through more changes than a weightlifter’s mood on steroids. One of the groups of taxpayers that will be hit the hardest by the new provisions of the agreement is those households that file MFJ while reporting two high incomes. Lets dive into the aspects and effects of this deal on those filing jointly and making pretty good scratch.
