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Tax Law Overview

Have you taken a look at the American Tax Relief Act? It’s not exactly easy reading. There are literally hundreds of changes made to the tax code that take affect at different times of the tax year and it’s impossible to keep up unless you’re dedicating 40 hours a week to this valiant pursuit. Take a guess where I might be going with this. That’s right, find an amazing CPA!

Not convinced yet? Here’s a list of just a few of the bigger changes that are coming your way.

  • Raised tax rate from 35% -39% for high-income earners
  • Long-term capital gains increase from 15%-20%
  • Qualified Dividends tax increase
  • Phase-out of mortgage interest deduction
  • Phase-out of charitable donation deductions

 

Are you kidding me? This doesn’t even take into account some of the changes from the Affordable Care Act. Tax Loopholes aside for a minute, it’s safe to say that if you earn a good income your taxes have gone up and are going up further.   Please, do yourself a favor and find an accountant that really takes the time to stay current with all of the new laws and tax codes, who can guide you in both your business and personal affairs so that you’re not paying more than your fair share to the IRS.

If You Would Like To Talk To One Of Our Trusted Local Professionals Click Here

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Dino

Leading the industry through his innovative approach, Dino Katsiametis has over 17 years of extensive experience within mortgage, banking and real estate industries. His passion for the collective financial and investment services sector combined with his distinct insight, has catapulted Money Matters with Dino onto the forefront of financial news.

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