ARE YOU AWARE OF HOW THE NEW TAX RATES ARE GOING TO AFFECT YOU?
Additional Medicare Surcharge of 3.8% on UNEARNED INCOME — Applies if MAGI exceeds $200,000 for unmarried taxpayers and $250,000 for married taxpayers filing a joint return.
Plus, Additional .9% Medicare Tax on EARNED INCOME — is added to earned income (wages and self-employment income) in excess of the same thresholds listed above $200,000 S & $250,000 MFJ.
Self-employed taxpayers — will need to consider the extra tax above in making their Estimated Tax. However, this extra Tax DOES NOT qualify for the above the line deduction for 1/2 of the SE Tax.
Let Sandy Wenker help walk you through all the changes, she has over 12 years experience as a Certified Public Accountant.
For Help with your taxes contact Sandy Wenker at 507-333-3973 or use our convenient online form and have Sandy contact you. It’s nice to have someone on your side, call me.