Tax changes for top earners, same-sex couples, medical deductions, seniors for 2013 taxes

TULSA - Much like death and taxes, you can also expect changes that may affect how you file your taxes.

Filing your 2013 taxes is no different. There are changes you need to know about.

Individuals who earned more than $400,000 and filing single and married couples filing jointly who made $450,000, will see an increase from 35 percent to 39.6 percent.

Top earners will also pay 20 percent tax on capital gains instead of 15 percent.

Additionally, the Affordable Care Act will be funded by a net investment tax.

"It gets a little complicated," said Jeff Frable, a certified public accountant. "But bottom line is, if you have $250,000 of adjusted gross income, and you have things like interest and dividends and rents and royalties, you may get hit with this 3.8% tax."

Couples making more than $250,000 will pay another .9 percent of their earnings for Medicare.

"The 3.8 percent tax that I was talking about and this .9 percent, those both come from Obamacare. They're the first implementation of tax for Obamacare," said Frable.

OTHER CHANGES

Same-sex couples can now file together. When married in a state where it is legal, they can file their 2013 federal return jointly. Couples may even amend returns back to 2010 for a refund.

However, married same-sex couples in Oklahoma must still file separate state returns.

"So you would be married filing joint for federal purposes but then file two different returns and file as single for Oklahoma," said Frable.

RELATED: IRS warns to choose tax preparer carefully

Medical deductions rose from 7.5 percent to 10 percent, however seniors over 65 will still deduct 7.5 percent.

If you have a home office, the IRS now allows a "safe harbor" of $5 per square foot, up to $1,500.

Frable advises with all of these changes, and there are more, it's really best to meet with a certified public accountant so you're sure to make the right decisions.

 

 

 

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