The tax law changes – commonly referred to as the “Bush tax cuts” – are scheduled to expire on January 1, 2013. If Congress fails to extend them, many Americans will experience a tax increase. Many are skeptical that Congress – which has not moved on extending the cuts in two years – will take action before the presidential election. Some believe that once the election is over, Congress will not have the political will to make changes to the tax code.
Read more here – http://uspolitics.einnews.com/247pr/304358
As always please feel free to contact us if you have any problems, questions, or concerns.
Under the Affordable Care Act, effective January 1, 2013, there is an increase in Medicare tax for certain high earners. An individual is liable for the additional tax to the extent his or her wages, other compensation, or self-employment income (together with that of his or her spouse if filing a joint return) exceed the following threshold amounts for the individual’s filing status:
|Married filing jointly
|Married filing separately
|Head of household (with qualifying person)
|Qualifying widow(er) with dependent child
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Beginning in 2013, certain investment income will be subject to an additional 3.8% surtax, enacted as part of the Health Care and Education Reconciliation Act of 2010. This is sometimes referred to as the “Medicare” surtax because the legislation enacting this tax created a new section of the tax code entitled: “Chapter 2A – Unearned Income Medicare Contribution.” However, this was simply a revenue-raiser enacted to offset the cost of health care legislation; there does not appear to be any reason this surtax must be used for Medicare.
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In addition to the 6-month extension, taxpayers who are out of the country (as defined in he form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:
Department of the Treasury
Internal Revenue Service Center
Austin, TX 73301-0215
You will not receive any notification from the IRS unless your request is denied for being untimely.
The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U.S. citizens and resident aliens abroad who expect to qualify for special tax treatment).
Read more here - http://www.gemms.us/tax-extensions