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We have created this page to give our clients some basic information regarding upcoming changes in tax law.  With the passage of the 2010 Health Care Bill (Affordable Care Act), the IRS is required to implement several changes in 2013 and 2014.

Individuals:

 

1)     Medical Deduction Floor - The 2010 Health Care Bill increases the medical expense deduction floor from 7.5% to 10% in 2013.  The floor of 7.5% of AGI remains in effect temporarily, for taxpayers who are 65 or older.

2)    Health Flex Savings Accounts - These accounts are also changed by the Affordable Care Act, but this is a very complicated tax topic. Depending on individual circumstances it is very difficult to provide generic information.  Just keep in mind that rules are changing and make sure you read any information that may beprovided by your plan administrator.

3)    The .9% Medicare Surtax - Beginning in 2013, a surtax will be imposed on Earned Income over certain thresholds based on filing status.  This surtax in not based on AGI, but on Earned Income only.

Filing Status------------------Threshold

MFJ-----------------------------$250,000

MFS-----------------------------$125,000

Single---------------------------$200,000

HOH----------------------------$200,000

 

4)    Unearned Income Surtax - Beginning in 2013, a new surtax of 3.8% will be added.  The calculations to determine if a taxpayer will be subject to the surtax are complex, but we wanted to at least make our clients aware of this new surtax. 

Veterans - We also wanted to add some information for Veterans relating to the Affordable Care Act.  Please click here  for a link to a useful pamphlet released for Veterans.

 

 

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Noreen Spiegel, CPA, PC
6655 SW Hampton St. Ste 110A, Tigard, OR 97223
Phone: (503) 620-1069    Email: noreen@protaxpdx.com