{"id":1,"date":"2012-12-04T23:09:15","date_gmt":"2012-12-04T23:09:15","guid":{"rendered":"http:\/\/onlyfordentists.com\/blog\/?p=1"},"modified":"2015-07-02T15:52:52","modified_gmt":"2015-07-02T15:52:52","slug":"tax-law-changes-for-2013","status":"publish","type":"post","link":"https:\/\/onlyfordentists.com\/blog\/2012\/12\/tax-law-changes-for-2013\/","title":{"rendered":"Tax Law Changes for 2013"},"content":{"rendered":"

Many tax rules that have been in effect since 2001 are set to expire on December 31, 2012. The expiring provisions include:<\/p>\n

    \n
  1. Increase in the individual tax rates from a maximum rate of 35% to 39.6% and elimination of the 10% rate.<\/li>\n
  2. Increase in the maximum preferential rate on net capital gains from 15% to 20%<\/li>\n
  3. Qualified dividends will no longer be taxed at the capital gains rate<\/li>\n
  4. Reduced estate<\/a> and gift tax applicable exclusion and increased estate and gift tax rates<\/li>\n
  5. Special 50% bonus depreciation is set to expire<\/li>\n
  6. Section 179 deduction will be set at $25,000<\/li>\n
  7. 2% employee payroll and self-employment tax reduction is set to expire<\/li>\n<\/ol>\n

    In addition, new tax provisions enacted as part of the Patient Protection and Affordable Care Act of 2010 are set to take effect on January 1, 2013. These new tax provisions include:<\/p>\n

      \n
    1. Additional 0.9% Medicare tax on high wage earners and high self-employed earners (wages over $250,000 if MFJ<\/li>\n
    2. Medicare contribution tax of 3.8% on investment income for individuals with adjusted gross income over $250,000 if MFJ<\/li>\n
    3. The amount an individual can contribute to an employer-provided health flexible spending arrangement is limited to $2,500 per year<\/li>\n
    4. Medical expense deduction threshold is increased from 7.5% to 10%<\/li>\n<\/ol>\n

      Based on conversations I had with members of congress, it does not appear that congress will take action to avoid the fiscal cliff before the end of 2012.<\/p>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      Many tax rules that have been in effect since 2001 are set to expire on December 31, 2012. The expiring provisions include: Increase in the individual tax rates from a maximum rate of 35% to 39.6% and elimination of the 10% rate. Increase in the maximum preferential rate on net capital gains from 15% to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-1","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-taxes","7":"entry"},"_links":{"self":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/1","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/comments?post=1"}],"version-history":[{"count":5,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/1\/revisions"}],"predecessor-version":[{"id":530,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/1\/revisions\/530"}],"wp:attachment":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media?parent=1"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/categories?post=1"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/tags?post=1"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}