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Category Archives: Tax

New Surtaxes 2013

12/15/2013 1:50 AM ⋅

In addition to regular income tax rates, some taxpayers may find that one or more surtaxes will apply to their incomes:

A 3.8% net investment income surtax applies if adjusted gross income (with some modifications) exceeds certain thresholds.

 

Net Investment Income Tax Thresholds
Filing   status Modified   Adjusted Gross Income
Married   Filing Jointly or Qualifying Widow(er) $250,000
Single or   Head of Household $200,000
Married   Filing Separately $125,000

 

 

And an additional Medicare surtax of 0.9% on wages or net-self employment income above certain thresholds.

 

Additional Medicare Tax Thresholds
Filing   status Medicare   Wages and/or Self-Employed Income in Excess of
Married   Filing Jointly $250,000
Single or   Head of Household or Qualifying Widow(er) $200,000
Married   Filing Separately $125,000
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2013 vs. 2012 Tax Rates

12/08/2013 1:56 AM ⋅

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2013 vs. 2012 Tax Rates

2013 vs. 2012 Tax Rates[bigContact phones=on emails=on]

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Tax Rates – 2013 Returns

01/23/2013 11:45 PM ⋅
Federal Tax Rates for Tax Year: 2013
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 87850 X 25 Minus 4071.25 Equals Tax
87851 to 183250 X 28 Minus 6706.75 Equals Tax
183251 to 398350 X 33 Minus 15869.25 Equals Tax
398351 to 400000 X 35 Minus 28836.25 Equals Tax
400001 and Up X 39.6 Minus 42236.25 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17850 X 10 Minus 0 Equals Tax
17851 to 72500 X 15 Minus 892.5 Equals Tax
72501 to 146400 X 25 Minus 8142.5 Equals Tax
146401 to 223050 X 28 Minus 12534.5 Equals Tax
223051 to 398350 X 33 Minus 23687 Equals Tax
398351 to 450000 X 35 Minus 31654 Equals Tax
450001 and Up X 39.6 Minus 52354 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 73200 X 25 Minus 4071.25 Equals Tax
73201 to 111525 X 28 Minus 6267.25 Equals Tax
111526 to 199175 X 33 Minus 11843.5 Equals Tax
199176 to 225000 X 35 Minus 15827 Equals Tax
225001 and Up X 39.6 Minus 26177 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12750 X 10 Minus 0 Equals Tax
12751 to 48600 X 15 Minus 637.5 Equals Tax
48601 to 125450 X 25 Minus 5497.5 Equals Tax
125451 to 203150 X 28 Minus 9261 Equals Tax
203151 to 398350 X 33 Minus 19418.5 Equals Tax
398351 to 425000 X 35 Minus 27385.5 Equals Tax
425001 and Up X 39.6 Minus 46935.5 Equals Tax
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Tax Rates- 2012 Returns

01/23/2013 11:36 PM ⋅

 

Federal Tax Rates for Tax Year: 2012
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 85650 X 25 Minus 3970 Equals Tax
85651 to 178650 X 28 Minus 6539.5 Equals Tax
178651 to 388350 X 33 Minus 15472 Equals Tax
388351 and Up X 35 Minus 23239 Equals Tax
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17400 X 10 Minus 0 Equals Tax
17401 to 70700 X 15 Minus 870 Equals Tax
70701 to 142700 X 25 Minus 7940 Equals Tax
142701 to 217450 X 28 Minus 12221 Equals Tax
217451 to 388350 X 33 Minus 23093.5 Equals Tax
388351 and Up X 35 Minus 30860.5 Equals Tax
Filing Status:Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 71350 X 25 Minus 3970 Equals Tax
71351 to 108725 X 28 Minus 6110.5 Equals Tax
108726 to 194175 X 33 Minus 11546.75 Equals Tax
194176 and Up X 35 Minus 15430.25 Equals Tax
Filing Status:Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12400 X 10 Minus 0 Equals Tax
12401 to 47350 X 15 Minus 620 Equals Tax
47351 to 122300 X 25 Minus 5355 Equals Tax
122301 to 198050 X 28 Minus 9024 Equals Tax
198051 to 388350 X 33 Minus 18926.5 Equals Tax
388351 and Up X 35 Minus 26693.5 Equals Tax
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January 30th – IRS Will Begin Accepting Returns

01/09/2013 11:15 PM ⋅

The IRS announced on January 8th, 2013, that the official date for the IRS to begin processing 2012 individual income tax returns will be January 30, 2013. The last minute tax law changes enacted on January 2, 2013, by Congress have caused this delay. The IRS is now scrambling to update forms and processing systems to reflect those changes.

Most taxpayers will be able to file at that time, but some taxpayers with certain deductions will be delayed even further into February or March. These deductions may include residential energy credits, certain depreciations, or general business credits.

“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”

The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

A Tax Haven is available to prepare your return now so it will be ready to file as soon as the IRS begins accepting returns.

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