2014 Here we come ready or not

As we wrap up 2013, I begin planning for 2014 and the implications of the new tax laws. A couple of new taxes will be an investment income surtax and an increase in FICA payroll taxes. In addition the medical expense deduction was raised to 10% in 2013 and will remain that way in the future unless you are over 65 years old. In regard to the affordable care act, employers with more than 50 full-time equivalent employees will be facing a penalty is they do not provide health care coverage to their employees.

That is the tip of the iceberg for upcoming tax law changes. Go to IRS.gov for a full list of 2014 tax law changes.