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 | I've been working my way through the details of the health care reform laws passed back in March. This week, I've posted information about the expanded Medicare tax that takes effect starting in 2013. In state news, Florida is offering a limited-time tax amnestry. And California's homebuyer tax credit is nearly exhausted. | |
The 3.8% Medicare Rate
To help fund health care reform, Congress added a 3.8% "unearned income Medicare contribution tax" for certain higher-income persons. This additional tax will apply to wages and investment income and provides an opportunity to engage in some proactive tax strategizing. The additional Medicare tax can kick in at income levels as low as $125,000 for married-filing-separate filers.
| Tax Amnesty in Florida
The state of Florida is offering a limited-time tax amnesty in an effort to collect previously unpaid state and local taxes, including sales tax, estate tax, and various taxes levied on utilities and communication services. Program runs from July to September, 2010.
| California's Home Buyer Tax Credits
Californians purchasing a home for the first-time or purchasing a newly-built home may qualify for one of two new tax credits offered by the state. Home buyers need to pre-qualify for the tax credit by faxing their application to the Franchise Tax Board. And the FTB has announced that the state has almost reached its $100 million quota for first-time buyer credits.
| Reminder: FBARs Due June 30th
US citizens and resident aliens may need to disclose the existence of bank and investment accounts held abroad. The foreign bank account report (or FBAR) is due June 30th for the preceding calendar year, is filed with the Treasury Department, and does not incur any tax or fees with the report as long as it's filed on time.
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Tax Changes Due to Health Care Reform | |
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