Mike's weekly post usually concentrated on tax saving strategies.
It's been coming for three years, but now the day of tax reckoning for higher-income investors has finally arrived.
Caution: For the first time, you may have to pay the 3.8% Medicare surtax on "net investment income" (Nii) on your 2013 tax return. The tax is computed on Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts.
What's your alternative minimum tax (AMT) preference?
Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called "adjustments," are added to or subtracted from the income shown on your tax return to arrive at your AMT taxable income.
Are you a parent? Give yourself some credit – a child-related tax credit, that is. Here are two that can reduce your 2013 federal income tax liability.
The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Here's a quick overview of the income levels at which a 2013 return is required.
Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.
