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.
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.