Pronto Tax School

Month: January 2013

Tax Tips for Married Filing Joint Taxpayers in 2013

Tax tips for Married Filing Joint Taxpayers in 2013

By Tim Frye

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.

alt

Tax News Update for 2013

Pronto Tax School Newsletter

Renew CTEC.com | Tax News Update | January 2013

FEDERAL UPDATE 2013

Here is a small taste of the kind of tax update information you will get when you buy our 20 hour tax update course.

Effective for Tax Year 2013:

A top tax rate of 39.6% (up from 35%) will be imposed on individual making more than $400,000 a year, $425,000 for head of household, and $450,000 for married filing joint.

The 2% Social Security tax reduction is now history (ended 12/31/2012).

The maximum capital gains tax will rise from 15% to 20% for individuals taxed at the 39.6% rates (those making $400,000, $425,000, or $450,000 depending on filing status, as noted above).

Scroll to top