many Americans are worried about what they're tax liability is going to be, but
don't necessarily do all they can to make sure that it's as low as possible.
However, those who think they might be facing larger bills when the 2014 filing
season rolls around would be wise to look into whether this will actually be
the case. If so, a little planning can go a long way to keeping those costs
demographic that can expect to see their taxes go up this year are those who are married filing jointly, according to a report
from the Sumter Item. Further, those who are under 65 years old and regularly
face medical expenses that they then deduct at the end of the year will have
see those expenses add up to 10 percent or more of their adjusted gross income
if they plan to file itemized deductions. Those over 65, however, will be able
to continue the 7.5 percent level from last year, through the end of 2016.
with larger incomes to shoulder bigger burden
In addition, wealthier consumers - those making $200,000 or more per year -
will almost certainly face higher tax bills, as the new top rate for
individuals is rising to the highest level seen since 2000, at 39.6 percent,
the report said. Individuals with an AGI of at least $200,000, or couples
filing jointly with those of $250,000, will also have to pay an extra 3.8
percent, which is put toward funding the Patient Protection and Affordable Care
Act, and another 0.9 percent toward Medicare.
are unsure how these changes will affect them might be better off talking to an
expert about the issues they could face, the report said.
there is anything you don't understand, it would be worth it for you to talk to
a qualified professional," Shelly Lundberg, certified public accountant,
told the newspaper. "If the person doesn't know the laws and takes a guess
at it themselves or if a person prepares it wrong, the taxpayer is still
tax code undergoes so many changes every year, explaining to a professional the
unique circumstances in which a person finds himself or herself could allow
that tax expert to find the best course of action for their planning.
For a more
in-depth look at Liberty Tax Service, visit the Give Me Liberty! Magazine. Follow
Liberty Tax on Facebook and on Twitter or contact Liberty Tax directly at