Tracy’s Early Tax Tips: New Taxes

It’s not too early to start preparing to file your income taxes. And there are some new taxes that may affect you.

FOX Business Network’s Tracy Byrnes reports:

New taxes for 2013. I’m Tracy Byrnes with the Fox Business Network with an early edition of Tracy’s Tax Tips.

So that deal that Congress and President Obama struck to avoid the fiscal cliff last year resulted in seven tax increases.  The payroll tax went back to 6.2% as I’m sure you noticed in your paycheck. The top marginal rate increased from 35% to 39.6% for taxable incomes over $450,000 for married filing joint. There’s a phase out of personal exemptions for adjusted gross incomes (AGI) of over $300,000 for married filing joint. That means you no longer save money on kids. And they increased the tax rate on dividends and capital gains from 15% to 20% for taxable incomes over $450,000 again. And for people making over $250,000… you get an additional 3.8% surtax on investment income plus another payroll tax hike of 0.9%.

Please don’t shoot the messenger but I wanted to forewarn you that your tax return may be exceptionally ugly this year.

I’m Tracy Byrnes, Fox News Radio.

Follow Tracy Byrnes on Twitter: @tracybyrnes