You should have recently received your last year’s W-2s and 1099s. 2013 tax return filing for individuals officially began Friday, January 31, and there are several new tax laws you should note for this year’s filing season.
Key tax law changes that took effect in 2013 include:
- Higher rates for upper-income individuals
- Higher capital gains rates and new tax
- Additional Medicare tax on wages and self-employment income
- Personal and dependent exemption phase-out
- Itemized deduction phase-out
- Higher threshold for medical deductions
- Same-sex married couples to file as married
The Weaver newsletter article What’s New on Your 2013 Form 1040 explains these tax law changes in further depth, as well as provides additional information on tax season ID theft concerns.