Whether over the river and through the woods or merrily preparing your holiday decorations, the last thing you want to think about is tax planning. However, waiting until January to address any strategies to reduce your 2013 tax burden is a bit too late....
There are two components of the 2010 health care reform law that add additional Medicare taxes for high income taxpayers; a .9% increase in the Medicare tax on wages and self-employment income, and a 3.8% Medicare tax on investment income....
If you employ someone to work in or around your home, age 18 or older, and pay them wages of $1,800 or more in 2012, you may be a household employer....
Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative....
