You
may find a little less in your tax refund this year if you are subject to the new 3.8% net
investment income tax that went into effect at the beginning of 2013. It applies to married couples filing jointly with modified adjusted
gross income (MAGI) over $250,000
and single people with
MAGI above $200,000
(trusts and estates
are also affected). It kicks in if you have net investment income,
which includes interest,
dividends, capital gains and rental and royalty income, among other items.
If
this income raised
your tax bite for 2013, then it's not too late to begin planning
strategies to minimize
this and other taxes for 2014. Be sure to contact us to talk about your best tax and
financial planning options for the coming year.
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