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Tax season 2014: Changes you need to know
Source:
cbsnews.com
- Mar 21, 2014
What is different for your taxes this year? Here are a few items you need to know about in this tax season.
First, we'll look at the things that could pull a little bit more money from your wallet.
If you are at the top of the income bracket, you are going to pay more. While the Bush-era tax cuts were extended for most, the top tax brackets returned to 39.6 percent. So if you made more than $400,000 as an individual, or $450,000 as a couple, your tax bill will be higher this year. Additionally, if you are making over $200,000, you will be subject to a Medicare surcharge of 0.9 percent.
Secondly, deductions for medical expenses incurred in 2013 will be harder to get. Previously, you could deduct medical expenses if they exceeded 7.5 percent of your adjusted gross income. That number rose to 10 percent for 2013.
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Category: IRS
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