Page 27 - 14 September 2012

• Tax credits and deductions—The earned income tax credit, the child tax credit, and the American Opportunity (Hope) tax credit revert to old, lower limits and (less generous) rules of application. Also gone in 2013 is the ability to deduct interest on student loans after the first 60 months of repayment.
• Marriage penalty relief—Tax changes that were originally made to address a perceived “marriage penalty” expire at the end of 2012. If you’re married and file a joint return with your spouse, you’ll see the effect in the form of a reduced 2013 standard deduction amount, as well as in lower 2013 tax bracket thresholds in the tax rate tables (i.e., couples move into higher rate brackets at lower levels of income).
NEW TAXES EFFECTIVE IN 2013
Two new Medicare-related taxes created by the health-care reform legislation passed in 2010 take effect in 2013:
• Additional Medicare payroll tax—The
hospital insurance (HI) portion of the payroll tax—commonly referred to as the Medicare portion—increases by 0.9% (from 1.45%
to 2.35%) for those with wages exceeding $200,000 ($250,000 for married couples filing
jointly, and $125,000 for married individuals filing separately). The rate for self-employed individuals increases from 2.9% to 3.8% on any self-employment income that exceeds the dollar thresholds above.
• Medicare contribution tax on unearned income—A new 3.8% Medicare contribu- tion tax is imposed on the unearned income of high-income individuals. The tax gener- ally applies to the net investment income
of individuals with modified adjusted gross income that exceeds $200,000 ($250,000 for married couples filing jointly, and $125,000 for married individuals filing separately).
DISCLAIMER: The above information and content are general in nature for informational pur- poses only and do not constitute financial advice or investment recommendations. Speedhorse Magazine makes no endorsements and bears no liability for your use of the information provided in this column. Always consult a suitably qualified financial professional and/or tax professional on any specific problem, issue or investment opportunity.
This information, developed by an independent third party, has been obtained from
sources considered to be reliable, but Raymond
James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a rec- ommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indica-
tive of future results. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other govern- ment agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal.
Prepared by Broadridge Investor Com- munication Solutions, Inc. Copyright 2012.
Properties are Located Next Door to Each Other.... Just 2 Miles West of Belle Mere Farm in Norman, OK.
Property #1
• 10 Acres
• 3 Bed, 2 Bath 2,000+SF
Custom Built Brick Home • 2 Car Garage
• Large Covered Patio
• Storm Shelter
• 36x36 4 Stall Barn
• Loafing Shed w/ Corrals • Horse Walker
• Pipe & Cable Fencing
Also For Sale or Lease
• 10 Acres
• Pipe & Cable Fencing
• 3 Bed, 2.5 Bath, 1900 SF+ Custom
Brick Home
• 2 Car Garage with Carport
• Large 8 Stall Barn with Paddocks • Loafing Sheds
• 4 Haybins
Listed at $295,000
For More Information Call Don & Regina McDonald (405) 329-4120 or (405) 550-9546
SPEEDHORSE, September 14, 2012 25
FINANCIAL FORUM