Changes to Know When Filing Taxes This Year
It's that time of the year again, tax season.
Some of you will procrastinate but others just want to get it out of the way early.
This is the second year in a row that the opening of tax season has been delayed
Last year it was major changes to tax laws the congress passed on january 1st that pushed the start date back.
This year thanks to the 16 day government shutdown the IRS postponed the first day you can file until tomorrow.
Now if you're wondering if the late start means a later deadline, the answer is no.
These are a few of the changes to look out for while filing this year:
You used to be able to deduct medical expenses if they exceeded 7.5% of your income, now they must exceed 10% of your income to become deductible.
Married couples making $250,000 or more will have an additional .9% tax for medicare on their wages and a 3.8% tax on net investment income.
Income tax for married couples making $450,000 or more has increased from 35% to39.6%.