Tax Law Changes

Wednesday, January 22, 2014

Changes in the tax law will affect specific populations of Americans. 

Upper income Americans and some legally married same-sex couples will feel major hits from tax law changes when they file their federal returns in the coming months.  On top of that, upper-income taxpayers could see their itemized deductions and personal exemptions phased out and pay higher capital gains taxes.  The payment will be approximately 20 percent higher for some taxpayers. And there are new taxes for them to help pay for health care reform.  IRS officials say, like opposite-sex couples, gay and lesbian married couples can qualify to use the head-of-household status, when kids are involved, where the spouses are living apart.

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