The Tax and Business Planning group provides these e-Alerts periodically to keep our clients, taxpayers and businesses updated on recently adopted legislation and key changes in tax laws.
In this issue, we address tax increases that will begin January 1, 2013 as a result of the widely publicized Supreme Court decision on June 28, 2012 upholding the constitutionality of the Patient Protection and Affordable Care Act (Health Care Act). A large
component of funding the Health Care Act comes from increased payroll related taxes on higher income individuals. The Health Care Act includes a new 0.9 percent payroll tax on wages in excess of $250,000 for individuals married filing jointly, $125,000 for
individuals married filing separately, and $200,000 for all other individuals. Also, a new investment surtax of 3.8 percent is imposed on the certain individuals, estates, and trusts with income from interest, dividends, annuities, royalties, gains, and rents.
In addition, there are other new taxes and various revenue raisers that come into play January 1, 2013. To learn more about these new tax law changes as well as potential planning opportunities and to view the entire edition of our Tax and Business Planning
e-Alert, click here.
For More Information
If you would like to discuss any of the items covered in this e-Alert, or discuss other matters, please contact one of the members of the Tax & Business Planning group listed below: