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Tax time: What's new in 2014

Tax time: What's new in 2014
KTSM
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Tuesday, January 14, 2014 - 7:53am

Depending on your income, there are changes that could really affect how much money you keep this year when filing your taxes. The Wall Street Journal put out a list of tax changes that are likely to impact you as you start to prepare your 2013 taxes.

First, this one affects your investment income. If you are filing alone and make more than $200,000 or file jointly and gross more than $250,000, your investments could be subject to a 3.8 percent medicare tax.

Again, depending on your income, you may also lose part of your 2013 write-offs for home-mortgage interest, income and property taxes, even charitable donations and the fees associated with getting tax advice and preparation. The phase out starts at $250,000 for individuals and $300,000 for married couples, but the phaseout also cannot wipe out more than 80% of the affected deductions.

More bad news, you used to be able to claim an itemized deduction for medical expenses that were higher than 7.5 percent of your gross adjusted income but this year, unless you are over 65, that hurdle rises to 10 percent. So you'll be paying more if you had a lot of medical bills last year.

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