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Tackling Your Taxes; Here’s What to Expect

Tax season can be confusing, was what worked last year going to work this year? I’ll try, with the help of some great websites break thing’s down.

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TAXES- TIPS, TRUTHS AND CHANGES:

  • People who make more will be paying more, up to 39.6% that kicks in for individuals at 400k married filing jointly at 450k
  • A Medicare surcharge will be attached to married couples making 250k, individuals who make over 200k, the surcharge is at .9%
  • The Standard rate for mileage has increased for business use of your vehicle to 56.5 cents.
  • A Fully electric vehicle purchased in or after 2010 may qualify for a federal income tax credit up to 7,500
  • Personal exemptions has increased $100 dollars from 2012
  • Generally single filers who made less than 10,000 in 2013 are not required to file taxes.
  • If you’re 25 or older you may benefit from the earned income tax credit designed for lower-income workers
  • Education Tax Benefits are worth a look up to 2,500 per eligible student

Good luck and I hope that this helps with your filing woes.

 

 

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