The implementation of the Affordable Care Act continues to move forward. Failing to adjust withholding strategies and medical expenditures may result in added tax liability. What do the increased cost of healthcare and decreased deductions mean for you and your family? Here are some of the most significant changes to tax laws under the Affordable Care Act.
Higher Taxes on Investment Income
If you derive a significant percentage of your income from investments, you can expect somewhat higher taxes for the 2013 fiscal year. This typically applies to individuals who earn more than $200,000 and married couples who make over $250,000 jointly. Most other investors and taxpayers will see little or no change in the rate of taxation for their income-producing investments.
Upper Income Brackets Will See Medicare Tax Increases
Payroll taxes are often overlooked by individuals when considering their overall tax liability. Since these taxes are taken out of … Read the restThe post What Does Obamacare Mean For Your Tax Future? appeared first on 2014 Taxes.
What Does Obamacare Mean For Your Tax Future?
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