Presented by
Roy Vargis CPA CMA CFM CITA EA ACMA CGMA
Nexus Management Group, Ltd.

1
Disclaimer
This publication contains general information only, and none of Nexus Management
Group, Ltd. and their affiliat...
Agenda
New Legislation
Quick Snapshot of the changes
Marginal Tax Bracket
Medicare and net investment income tax

3
New Legislation
American Taxpayer Relief Act 2012
Effective January 1, 2013
Patient Protection and Affordable Care Act
Oba...
A Quick Snapshot

Key Tax Changes

2012

2013

35%

39.6%

Long term capital gains
rate and qualified
dividend tax rates

...
Quick Snapshot cont..
Key Tax Changes

2012

2013

Medical expense
itemized deduction

7.5% of AGI

10% of AGI

Estate, gi...
Marginal Tax Bracket
Single

Percentage

Married

$0-$8,925

10%

$0-$17,850

$8,925 -$36,250

15%

$17,850-72,500

$36,25...
Medicare tax and Investment income
• 0.9% increase for wages or self-employment

income over the threshold
• 3.8% new tax ...
Net investment income includes
• Taxable interest
• Dividends
• Capital gains
• Annuity income
• Income from passive activ...
Thank You
If you liked our presentation and consider it informative, do
Like us : www.facebook.com/indiancpa
Follow us : w...
Upcoming SlideShare
Loading in …5
×

Cpa schaumburg 2013 tax changes for individuals compare with 2012

271 views
171 views

Published on

Published in: Education, Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
271
On SlideShare
0
From Embeds
0
Number of Embeds
10
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Cpa schaumburg 2013 tax changes for individuals compare with 2012

  1. 1. Presented by Roy Vargis CPA CMA CFM CITA EA ACMA CGMA Nexus Management Group, Ltd. 1
  2. 2. Disclaimer This publication contains general information only, and none of Nexus Management Group, Ltd. and their affiliates are by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. None of Nexus Management Group, Ltd., and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. 2
  3. 3. Agenda New Legislation Quick Snapshot of the changes Marginal Tax Bracket Medicare and net investment income tax 3
  4. 4. New Legislation American Taxpayer Relief Act 2012 Effective January 1, 2013 Patient Protection and Affordable Care Act Obama Care. 4
  5. 5. A Quick Snapshot Key Tax Changes 2012 2013 35% 39.6% Long term capital gains rate and qualified dividend tax rates 0% (for 10% and 15% tax brackets) 15% (for 25%-35% tax brackets) 0% (for 10% and 15% tax brackets) 15% (for 25%-35% tax brackets) 20% (for 39.6% tax bracket) Itemized deduction and personal exemption phase out NO YES For incomes $200,000 – single and $300,000 married Medicare tax on wages/net investment income NO Yes For incomes $200,000 – single and $250,000 married Top income tax rates 5
  6. 6. Quick Snapshot cont.. Key Tax Changes 2012 2013 Medical expense itemized deduction 7.5% of AGI 10% of AGI Estate, gift and GST exclusion 5.12 Million $5.25 Million Top Estate Tax rate 35% 40% $13,000 $14,000 Annual gift tax exclusion 6
  7. 7. Marginal Tax Bracket Single Percentage Married $0-$8,925 10% $0-$17,850 $8,925 -$36,250 15% $17,850-72,500 $36,250-$87,850 25% $72,500-$146,400 $87,850-$183,250 28% $146,400-$223,050 $183,250-$398,350 33% $223,050-$398,450 $398,350-400,000 35% $398,450-$450,000 $400,000 + 39.6% $450,000 + 7
  8. 8. Medicare tax and Investment income • 0.9% increase for wages or self-employment income over the threshold • 3.8% new tax rate on investment income when MAGI exceeds threshold Applies to “high income taxpayers” Single – MAGI is greater than $200,000 Joint - MAGI is greater than $250,000 8
  9. 9. Net investment income includes • Taxable interest • Dividends • Capital gains • Annuity income • Income from passive activities 9
  10. 10. Thank You If you liked our presentation and consider it informative, do Like us : www.facebook.com/indiancpa Follow us : www.Twitter.com/royvargiscpa Opt in to our mailing list and you will receive important updates. Go to www.IndianCPA.com 10

×