Hi, Continuation of Newsletter-
8. Basic Medicare Premium's increase to $104.90 per Month in 2013,but Part B & D premium's are much higher for upper income seniors if theremodified adjusted gross income for tax year 2011 exceeded $170,000. for coupleswho file a joint return or $85,000 for single people. Modified AGI on AGI plus anytax exempt interest, EE bonds interest that's used for
education and excluded foreign earned income. the total surcharges on upper incomers can beas large as $297.40 per month.
9.The Threshold for deducting medical expenses jumps to 10% of AGI forSingles or Married unless atleast one of the filers
is age 65 or older. If so, they get the 7.5%-of-AGI cap.
10. The Standard Mileage allowance for business driving is 56.5Cents per miles, up a Penny, but noeffective date is available at the present time, Normally it would take effect October 1st.
These are only a few of what changes were made for 2013, I will elaborate in a later post. the IRS, Congressand the courts, and 2013 will start of a major debate on overhauling the incometax code. We'll be here to report thechanges being considered, and how you will be effected
Franklin Katz, ATP, PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
704-739-4039
E-Mail:[email protected])
Web: www.prep.1040.com/frankstax
IRS Circular 230 Notice: Unless expressly stated otherwise in this
transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by anytaxpayer for the purpose of (1) the avoidance of any tax-related penaltie sunder the Internal Revenue Code or applicable state or local tax lawprovisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
8. Basic Medicare Premium's increase to $104.90 per Month in 2013,but Part B & D premium's are much higher for upper income seniors if theremodified adjusted gross income for tax year 2011 exceeded $170,000. for coupleswho file a joint return or $85,000 for single people. Modified AGI on AGI plus anytax exempt interest, EE bonds interest that's used for
education and excluded foreign earned income. the total surcharges on upper incomers can beas large as $297.40 per month.
9.The Threshold for deducting medical expenses jumps to 10% of AGI forSingles or Married unless atleast one of the filers
is age 65 or older. If so, they get the 7.5%-of-AGI cap.
10. The Standard Mileage allowance for business driving is 56.5Cents per miles, up a Penny, but noeffective date is available at the present time, Normally it would take effect October 1st.
These are only a few of what changes were made for 2013, I will elaborate in a later post. the IRS, Congressand the courts, and 2013 will start of a major debate on overhauling the incometax code. We'll be here to report thechanges being considered, and how you will be effected
Franklin Katz, ATP, PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
704-739-4039
E-Mail:[email protected])
Web: www.prep.1040.com/frankstax
IRS Circular 230 Notice: Unless expressly stated otherwise in this
transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by anytaxpayer for the purpose of (1) the avoidance of any tax-related penaltie sunder the Internal Revenue Code or applicable state or local tax lawprovisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
