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Fiscal Cliff Act

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Hello and welcome to 2013

Jan. 1, 2013 brings a few changes and here is what we know so far.

Last year in order to take medical expenses we had to spend more then 7.5% of your adjusted gross income (AGI). Now you will have to spend more then 10% of your AGI.

Alternative Minimum Tax (AMT)has changed, if you are married you do not pay AMT if your taxable income is equal to or under $ 78,750 if you are single that amount is $50,600.

Child and dependent care credit is $3000 for one child and $6000 for two children 

FICA will be increased by .9% if you file married filing joint and your wages are over $250,000. If your file married filing separate  and your wages are over $125,000. All others if your wages are over $200,000.

There will be an 3.8% tax on investments depending on lessor of your net income from investing or the AGI. AGI limits are married filing joint $250,000, married filing separate $125,000, and individuals $200,000.

Flexible spending plan limit is now $2,500.

Standard mileage rate for 2013, Business 56.5 cents per mile, Relocation and Medical miles are 24 cents, Charitable miles is 14 cents.

 

 

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