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While just five days from now every single American is going to get hit with five new taxes.
To pay for obamacare in here just a few examples of them small business owners and some families will see a new three point 8% tax on individual investment income.
This club will also see an additional Medicare payroll tax and for the first time ever the government is now happy -- How much money you can putting your flexible spending account but there is still time to save money on your taxes we're joined this morning by CPA and tax attorney.
Marty David off with some tips for your tax is good morning -- that -- -- decide if you wanna try to reduce your taxes now -- in 2013 how do you decide that.
Well you have to run the numbers you have to see are you in the Alternative Minimum Tax rate.
Are you and and you have to really run your numbers and look at your 2012 persons -- 2013.
You may be in -- higher bracket in 2013.
And want to take those deductions in 2013 rather than 2012.
Okay and there are some deductions you can take this year if you do -- -- reduce your 2000 while taxes -- pre prepaid state income taxes.
Yes if you paid the -- state income taxes that may be due next April 15 may be had a large capital gains maybe you sold sold something.
You can do that but one of the things you have to keep in mind in doing all of this -- you have to figure out the Alternative Minimum Tax.
There are two systems of taxation here in America the Alternative Minimum Tax is a separate one -- -- compute and that tax.
System doesn't allow you to deduct state and local income taxes does allow you deduct real estate taxes does allow you to deduct miscellaneous business expenses and employ.
So you really have to not run the numbers both wife and for 2012 and fortunately congress hasn't even.
Finished writing the 2012 was little on the fiscal cliff.
They're going to be over thirty million people -- -- in -- less safe to do something called the AMT patch.
The AMT patch is something where.
Last year in 2011 they gave you proxy 75000 dollars as an exemption.
Yeah but the law goes back 45000.
And all these people what the -- are saying is that refunds are going to be delayed two months if the -- doesn't if if if congress doesn't act to change -- Whether they're gonna have to do something about it but I can't begin to think about how difficult it is too.
Determine what your taxes might be this year vs next -- -- we don't even know all the regulations yet let's move on to decide this step in this is a really good one.
-- pay your mortgage for January and pay it now before the end of the year.
Right if you pay -- -- -- mortgage that's really December interest that is that is been the computed to you can prepaid -- Maurice this year.
-- an early enough so it gets on the form 1098 but even if it doesn't you can still deduct as long as you write that check -- mail before the end of via a pay increase your charitable deductions in 2012 if you -- you know reduce you increase your -- -- if you don't know.
Who to give to you can open up -- donor advised -- like through the fidelity charitable gift fund.
And and and do and do something like that OK and finally accelerate business expenses that are tax deductible this year this year you could not pay employee bonuses -- -- Iran prepaid other expenses that that you have.
Around there setup of retirement plan before -- Iran there's lots you can do on a business and if you -- don't they have to keep in mind.
Those in the beginning -- -- three point 8% more investment income point 9% more on on her earnings you have to.
Waited two years and if you're in the -- -- you got it that's -- --
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