Personal Finance News Monday 6/24

Phil's Personal Finance Tip of the Day:

Midyear Tax Moves to Save on Your 2013 Return
Smart planning now could save you big bucks when you file next year.

By Sandra Block, From Kiplinger's Personal Finance, July 2013

Shelving your taxes until next spring could cost you money, especially this year. The tax law passed earlier in the year as part of the deal to avert the fiscal cliff imposes a new 39.6% marginal rate on taxable income over $400,000 ($450,000 for married couples). Taxpayers in this bracket will pay 23.8% on dividends and long-term capital gains — not the 15% rate that applies to most investors.

 

See Also: The Most-Overlooked Tax Deductions

Other changes reach down the income chain. Taxpayers with adjusted gross income of $250,000 or more ($300,000 for married couples) will effectively pay higher marginal rates because Congress resurrected phaseouts of itemized deductions and personal exemptions. And taxpayers with modified adjusted gross income of $200,000 or more ($250,000 for married couples) face a new 3.8% surtax on net investment income.


Read more at http://www.kiplinger.com/article/taxes/T055-C005-S002-midyear-tax-moves-to-save-on-2013-return.html#hCqqsVMmXwW71Gl1.99


Inspirational Quotes@Inspire_Us from Twitter:
Take the first step in faith. You don't have to see the whole staircase, just take the first step. -Martin Luther King Jr.


Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.