Tax Update

As you are gathering information for your 2013 tax return, remember that we don’t need all of your information to get a good start on your return. If you are waiting for just a few items, please send in your information now- the earlier the better! We can add the missing pieces later. Not only will your return be finished earlier than it otherwise would be, but we will have a better idea of what you will owe on April 15.

The IRS has been accepting e-files since January 31. We will work hard on our end to ensure that your returns are filed timely. We would like to note some of the major tax law changes for 2013. For taxpayers with wages exceeding $200,000, or $250,000 if married filing jointly, there is an additional Medicare Tax of 0.9%. There is a Net Investment Income Tax of 3.8% for taxpayers with modified adjusted gross incomes exceeding $200,000, or $250,000 if married filing jointly. The highest marginal tax bracket is now 39.6% and the maximum capital gains tax rate is now 20% for some taxpayers.

If you have any questions or concerns please feel free to give me, David Osterberg, CPA, a call at 952-896-3820. I have recently joined the All Star Team and will be providing our clients with the tools and expertise to do tax planning and strategies when they need it most!

Please tell a friend or two about our efficient preparation and planning sevices. We are always looking for more GREAT clients!

Have a great day!