{"id":465323,"date":"2014-01-03T21:12:33","date_gmt":"2014-01-04T03:12:33","guid":{"rendered":"https:\/\/maddoxthomson.com\/?p=465323"},"modified":"2022-09-21T17:37:28","modified_gmt":"2022-09-21T23:37:28","slug":"embarking-on-the-new-tax-frontiers","status":"publish","type":"post","link":"https:\/\/maddoxthomson.com\/embarking-on-the-new-tax-frontiers\/","title":{"rendered":"Embarking on the New Tax \u201cFrontiers\u201d"},"content":{"rendered":"<p><b>Preparing for the 2014 \u201cTax Tier\u201d Filing Season<\/b><\/p>\n<p>\u201cI know the law\u2026I am its greatest transgressor.\u201d \u2013 Judge Roy Bean.<\/p>\n<p><i>It\u2019s a little more complex than counting beans these days.<\/i><\/p>\n<p>&nbsp;<\/p>\n<p>Well, folks, another year has passed, and as we know, with each New Year comes new tax planning and preparation.\u00a0 This filing year will be one particularly full of bustle and grit. Welcome to the Wild West, and our new convoluted tax tier system.<\/p>\n<p>With the fiscal cliff compromise bill passed on January 2, 2013, The American Taxpayer Relief Act (the \u201cAct\u201d) preserved Bush-era rates for certain taxpayers, but revived limitations on deductions and exemptions, such as:<\/p>\n<ul>\n<li>Those with taxable income over $400,000 (single filers)\/$450,000 (joint filers) will now be subject to the 39.6% tax rate<\/li>\n<li>Personal exemptions will now begin to be phased out for those with adjusted gross income of $250,000 (single filers)\/$300,000 (joint filers)<\/li>\n<li>Itemized deductions will begin to be limited (new \u201cPease\u201d limit) for those with an adjusted gross income of $250,000 (single filers)\/$300,000 (joint filers)<\/li>\n<\/ul>\n<p>Other considerations for 2013 include these new taxes, under the Affordable Care Act (\u201cACA\u201d or \u201cObamacare\u201d):<\/p>\n<ul>\n<li>0.9 percent additional Medicare tax; imposed on those with earned income of $200,000 (single filers)\/ $250,000 (joint filers)<\/li>\n<li>3.8 percent surtax (net income investment tax); imposed on those with net investment income of $200,000 (single filers)\/$250,000 (joint filers)<\/li>\n<\/ul>\n<p>We have put together a comprehensive <a href=\"https:\/\/maddoxthomson.com\/wp-content\/uploads\/MTA-Blog-Embarking-on-the-tax-frontiers-Resource.pdf\">chart<\/a>\u00a0of this year\u2019s new tax tier highlights under the Act, which we hope you will find a good resource throughout this filing season.<\/p>\n<p>To help illustrate the different tax tiers, please take a look at some hypothetical examples we have provided <a href=\"https:\/\/maddoxthomson.com\/wp-content\/uploads\/MTA-Blog-Embarking-on-the-tax-frontiers-Resource.pdf\">here<\/a>.<\/p>\n<p>Even though this new tax tier system seems like a wild ride, let us help to ensure yours is a smooth one.\u00a0 We wish each of you a healthy and thriving 2014 as we embark on this year\u2019s tax planning frontiers.<\/p>\n<p align=\"center\">If you would like to learn more about how these complex new rules apply to you, please contact us at <a href=\"mailto:info@maddoxthomson.com\">info@maddoxthomson.com<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American Taxpayer Relief Act (the \u201cAct\u201d) preserved Bush-era rates, but revived limitations on deductions and exemptions with new tax tiers for 2013&#8230;<\/p>\n","protected":false},"author":4,"featured_media":466640,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,68,57,59,73,74,60],"tags":[61,62,63,64,65,66,67,69,70,71,72,75,76],"authors":[],"_links":{"self":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts\/465323"}],"collection":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/comments?post=465323"}],"version-history":[{"count":2,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts\/465323\/revisions"}],"predecessor-version":[{"id":466940,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts\/465323\/revisions\/466940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/media\/466640"}],"wp:attachment":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/media?parent=465323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/categories?post=465323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/tags?post=465323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}