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Health care reform act: Brace for tax onslaught

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in Centerpiece,Small Business Tax,Small Business Tax Deduction Strategies

heavy taxesThe U.S. Supreme Court has spoken: It has generally upheld the con­­sti­­tu­­tion­­ality of the Patient Pro­­tec­­tion and Affordable Care Act of 2010 (PPACA), the controversial health care law that is often called Obama­­care.

Alert: This means that the tax-related provisions in the PPACA will stand. Therefore, the tax bill for some tax­­payers, especially those with higher incomes, will increase, starting next year.

Here are several key tax law changes that you will have to contend with unless something changes.

1. Medicare surtaxes: Beginning in 2013, high-income taxpayers will face two new Medicare tax burdens:

  • A 0.9% Medicare tax is imposed on wages of single filers with earned income above $200,000 and $250,000 for joint filers.
  • A 3.8% Medicare tax applies to all or part of the “net in­­vestment income” received by single filers with a modified adjusted gross income (MAGI) above $200,000 and $250,000 for joint filers....(register to read more)

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