Filing Your 2013 Return

Filing your 2013 return Americans are set to face a host of changes this tax season, both pleasant and not-so-pleasant. Highlights include: NEW TOP TAX RATE. Individual filers who earn more than $400,000 ($450,000 for married couples filing jointly) will fall into a new 39.6-percent bracket. HIGHER MEDICARE TAXES. 實 An additional Medicare surtax of 0.9 percent applies to income over $200,000 ($250,000 for married couples filing jointly). There's also a new 3.8-percent tax on *net investment income for taxpayers with modified adjusted gross income above that same threshold. LIMITATION ON ITEMIZED DEDUCTIONS. The limitation affects taxpayers with adjusted gross income (AGI) above $250,000 ($300,000 for married couples filing jointly), reducing itemized deductions by 3 percent of the AGI amount above the threshold. The same threshold also applies to phaseouts for personal and dependent deductions. SIMPLIFIED HOME OFFICE DEDUCTION. Instead of calculating actual expenses for a home office, you can take a standard deduction of $5 per square foot of home office space, up to 300 square feet-for a maximum of $1,50O. NEW FILING OPTIONS FOR MARRIED SAME-SEX COUPLES. Legally married same-sex couples must file their federal returns as mar- ried, regardless of whether their current state of residence recognizes same-sex marriage. Source: http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQS Professional Professional Wealth Strategies, 3573 East Sunrise Drive, Suite 119, Tucson, Arizona 85718, (520) 529-3644. Securities and Advisory Services offered through Commonwealth Fi- nancial Network, www.FINRA.org/www.SIPC.org, a Registered Investment Adviser. This communication is strictly intended for individuals residing in the states of AZ,CA,CT,HI,MI,OH,OR,TX,UT,VA,WA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Wealth Strategies Retirement, Estate And Legacy Planning