Rebella Accountancy | 507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236

     

NEW TAX RATES ON ORDINARY INCOME AND CAPITAL GAINS


The ATRA (American Taxpayer Relief Act of 2012 - see right) increased the highest income tax rate to 39.6% for individuals starting in 2013.

 

Taxpayers subject to the new 39.6% rate also will see an increase in their dividend income and long-term capital gains tax rate from 15% to 20% (23.8% if the Medicare surtax on net investment income applies).

 

Other taxpayers will continue to be taxed on dividends and long-term capital gains at lower rates ranging from 0 to 15%.

 

Before you sell stocks or other investment assets this fall or before year end, call talk to me about the tax implications in order to minimize the tax bite.

 

NEW 3.8% SURTAX ON NET INVESTMENT INCOME

The new 3.8% Medicare Contribution Tax went into effect in 2013 as a result of the passage of the Patient Protection and Affordable Care Act of 2010.

 

The 3.8% tax applies to individuals with net investment income whose modified adjusted gross income exceeds certain threshold amounts ($250,000 for married couples filing joint returns and $200,000 for single taxpayers).

 

Net investment income includes capital gains, interest and dividend income received from investment assets such as stocks, bonds, certificates of deposit and mutual funds and may include rental income and royalties.

 

Tax planning NOW is critical in order to minimize the tax but only if we do it BEFORE year end where I can provide actionable suggestions to minimize its effect (Please remember that I can't go back in time once you make a change or execute a transaction and just "recategorize" it!).

 

To see how these issues I cover in this email or the 8 others will impact your 2013 taxes as well as in 2014 and beyond, call me at 714-619-0667 or click here to download a PDF copy of my report:

 

What You Do Today Shapes Your Future Taxes & Finances - 10 Reasons to Start Tax Planning Now.

 

Monica Rebella, CPA

 

President, Rebella Accountancy

   

  What You Do Today Shapes Your Future Taxes & Finances
10 Reasons to Start Tax Planning Now

To see how the issue I cover in this email or the 9 others will impact your 2013 taxes as well as in 2014 and beyond, click here to download a PDF copy of my report.
On January 1, 2013 at 2am on New Year’s Day, Congress passed the American Taxpayer Relief Act of 2012 (ATRA), thus avoiding the fiscal cliff — a point at which taxpayers would have faced numerous tax increases combined with steep federal budget cuts.

The last-minute legislation made sweeping changes, some that may significantly affect your taxes in 2014 which, in turn, might affect some of the decisions you make this year.

 

For example, the new law increased tax rates and curtailed deductions for many high-income taxpayers, so now is the time to explore tax-deferred vehicles.

 

The law also extended tax benefits for many middle-income taxpayers, so there may be steps you need to take to ensure that you stay eligible for those breaks. Regardless of how this law affects you, planning now is paramount to saving later.

Top 10 Tax & Financial Issues for Individuals Today provides an overview of the key tax law provisions and changes that may affect you, and offers practical strategies for minimizing your tax bill. Information is current as of May 15, 2013.

As you evaluate your financial and tax situation, as a trained CPA I can help by reviewing your overall financial position and providing you with the expert tax planning advice you need.

 

By combining unrivaled education, training and experience with adherence to the most rigorous ethical standards in the industry, let me provide you trusted advice during the tax season and throughout the year.

 

To see how the issue I cover in this email or the 9 others will impact your 2013 taxes as well as in 2014 and beyond, call me at 714-619-0667 or click here to download a PDF copy of my report: What You Do Today Shapes Your Future Taxes & Finances - 10 Reasons to Start Tax Planning Now.

 

Monica Rebella, CPA

President, Rebella Accountancy

Click here or below to hear audio testimonials of Monica's clients:

 

 

 

 

 

 

 

 

 

Monica Rebella, CPA/IAR | President - Rebella Accountancy | Certified Public Accountants
507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236
Email: mrebella@rebellacpa.com | www.RebellaCPA.com | www.MyDentalCPA.com