While most tax payers are aware of the many changes that are effective for the 2013 tax year, they may be surprised to learn that higher earners are now subject to an array of new taxes, higher rates, and stringent deduction limits.
Under the Affordable Care Act there is a higher payroll tax and a surtax on the unearned income of higher-income individuals. Under the American Taxpayer Relief Act of 2012, higher tax rates apply to ordinary income, capital gains and dividends, while at the same time limitations are imposed on the use of the personal exemption and itemized deductions.
For the full article please visit: http://www.dh-cpa.com/client_media/files/pdf/2013-StickerShock.pdf
Davis & Hodgdon Associates has been assisting businesses and individuals in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].