With the New Year came new tax laws. For most taxpayers with modified adjusted gross incomes (MAGI) under $200,000 (single) and $250,000 for married couples filing jointly, income tax rates won’t increase, and most tax-relief provisions remain in effect. Here is a summary of major tax provisions that could impact you and your family.
1. Tax rates. Income tax, ordinary-dividend tax, and capital tax rates moved up in 2013 for higher-income taxpayers. A new 39.6-percent tax rate applies to income over a specified amount: $400,000 for single filers, $450,000 for married filers. These dollar amounts will be inflation-adjusted for tax years after 2013. The old rates ranging from 10 percent to 35 percent remain in effect for lower-income brackets and have been made permanent.
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