2012 Individual Income Tax Workshop

Last week, Lauren and I spent two days at a seminar learning about personal income tax updates for this filing season as well as for the 2013 year.  Some of the major changes that I’m sure you’ve heard about include the 3.8% Medicare contribution tax on unearned income, the 0.9% Medicare tax on wages and self-employment income, and the expiration of the 2% Social Security tax rate cut.  Unfortunately, there are still many other unknowns, even for the 2012 calendar year!  Thankfully, one thing the IRS did finally release was the standard mileage rate: $0.565 per mile.  As always, let us know if you have any questions.

Tim Boer