CPA Says There Are Some New Tax Rules To Consider This Year

By Lynne Adkins

PHILADELPHIA (CBS) – As you prepare for this year’s tax season, there are some changes you may need to understand.

You will have had to pay out a lot more on medical issues if you want to start deducting them from your federal taxes. James Newhard a CPA in Paoli says last year you had to spend 7.5-percent of your income on medical expenses — now it’s higher.

“They’ve bumped that threshold for 2013 for any taxpayers under the age of 65 they have to reach a thresh hold of 10-percent of their adjusted gross income before a single dollar would be an allowed deduction.”

If you have income of more than $200,000, depending how you file, you’ll pay an extra 3.8 percent tax for the Net Investment Income Tax, and those making more than $400,000 will pay an extra five percent in capital gains.

 

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