The Supreme Court has recently ruled that the new health care act is constitutional. As a result, on January 1, 2013, as part of this health care law, the new 3.8% medicare tax will start to impact many taxpayers. It would seem prudent for taxpayers to plan now for this new stealth tax. Basically, this new extra 3.8% tax applies to the lesser of
Threshold Amount: The threshold amounts are dependent on the type of taxpayer. Here are the threshold amounts for various taxpayers:
This is just a basic overview. To learn more about this stealth tax please read 2013 SNEAKY NEW TAX: Not Too Early to Plan For The 3.8 Percent Medicare Tax On Investment Income. This article provides more details about this tax, its scope, limitations and exclusions. The article also provides examples of how this tax operates.
With 2013 quickly approaching, it is not too soon to become aware of this new stealth tax and look at methods to possibly lessen the impact of this tax.
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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.