There are well over 100 changes occurring to your taxes in 2013. This past Saturday I had a webinar called “What Taxmageddon Will Mean To You.” Make no mistake, one way or another, these changes will impact you.
Over the next few weeks, we’re going to cover the questions that we received.
Here’s one I received after the event was over:
“I listened to the webinar today (Saturday) and I was quite surprised about all of the tax changes which are going to occur in 2013. There was one question that I had which may or may not be involved in these changes. I wanted to know if “Contributions, Theft and Casualty and Miscellaneous Deductions” which are on the tax form Schedule A will be affected or if there are any changes which you have become aware.”
All itemized deductions will phase-out after income hits a certain point. Beyond that, President Obama has called for a cap on charitable contribution deductibility. So far, that hasn’t gotten any traction in either the House or the Senate.
“Have you heard if the mortgage interest and real estate tax deductions are going to be affected by the new tax laws?”
They will phase out as income gets over a certain point. We also lost PMI (mortgage insurance premium) deductibility.
“You mentioned all of the increases in taxes for 2013, are there anything in the new laws where the taxes will “Decrease”? Probably not. I was just wondering.”
At this point, not any good news. We’re just waiting to see if maybe some of the bad changes get reversed. That would be terrific news.
“Do you have any other strategies besides the “C Corp” techniques which the average person and average family can use to weaken the impact of increased taxes during 2013? Otherwise, Americans are going to be really “knocked over” when it is time to file 2013 Federal taxes in 2014.”
My advice is always to start a business. A part-time business will get you tax breaks you don’t have as an employee.
In my opinion, the best business in today’s world is one that gives the best flexibility. For me, that means an online business that can make money no matter when or where I work. I’ll be announcing the Online Profit Center program in the next few weeks and tell you exactly how, step by step, you can create a business that makes money no matter where you live or what you do.