Now that a new year is underway, it’s time to start thinking about taxes, and what you can expect for 2013. Investors have some new taxes to think about — at least those investors who are considered “rich” have more investment taxes to think about.
As is the case every year, the new year will bring a host of changes for retirement plan contributions in 2013. Virtually all retirement plans–employer sponsored and self-employment plans–will be affected. With inflation being on the low end of the scale, the changes in contribution and income limits will be only moderate at best.
Last week Obamacare (formally known as the Patient Protection and Affordable Care Act – PPACA for short) was deemed legal by the U.S. Supreme Court. Without question, it is the law of the land, and as investors or entrepreneurs we should prepare for its ramifications. The roll out of this law will happen, and there’s [...]
Many budding entrepreneurs are interested in the ability to take a tax deduction for expenses related to home business activities. Even hobbyists can claim deductions on their tax returns. However, it’s important to realize that the IRS recognizes a difference between a home business and a hobby. You need to know the difference as well, [...]
This post is in continuation of the recent post Tax Efficient Investing. When it comes to investing, it’s a good idea to consider the tax consequences of your decisions. Without a plan in place, you could end up paying more tax than you really need to. While I don’t advocate avoiding taxes, I do think [...]
Updated and expanded for 2013. It’s no surprise that taxes are going up next year. How much? No one really knows exactly, but worse case, Bush’s 2001 and 2003 tax cuts will completely disappear. If Congress does not act, the Bush tax cuts expire at the end of this year. 2013 has been rightfully called taxmageddon.