For the second year in a row, senior citizens enrolled in Medicare Part B will have to pay a higher premium charge. Higher-income individuals must pay even higher monthly Medicare Part B premiums, based on their MAGI, plus a surcharge on Part D premiums for coverage of prescription drugs.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Q. I sold stock in 2011 at a $7,600 loss and offset $3,000 of ordinary income. Do I have to use the remaining loss on my 2012 return? L.M., Albuquerque, N.M.
Calamity was predicted due to the “sunset” of several favorable estate tax provisions on Dec. 31, 2012. But now the dawn of 2013 is more promising. The new tax law includes the following permanent changes.
Q. My wife’s unemployed brother lives with us. Can we claim him as a dependent if he’s over age 25?
Does it absolutely, positively, have to be there overnight? A tax return or Tax Court petition is deemed to be filed in a timely manner if it is mailed on time through an IRS-approved delivery service. But not every service qualifies.
Under a special IRS program, an employee may choose to donate amounts owed for leave time—sick, vacation or personal days—in exchange for cash payments made by the employer to a qualified charity on behalf of Hurricane Sandy victims.
Although high-income taxpayers entered 2013 with a cloud of uncertainty hanging over their heads, this much was clear: You’ll have to contend with a new 3.8% Medicare surtax on investment earnings. The new surtax was included in the 2010 health care law upheld by the U.S. Supreme Court.