To prepare for Affordable Care Act’s Medicare Surtax implications, taxpayers who receive investment income might consider electing to be taxed as an S-Corporation
By Candace Blair, CPA – Tax Manager
This past December, with all of the talk of the Fiscal Cliff and tax rate increases, millions of Americans sighed with relief when Congress passed and the President signed into law legislation that prevented taxes from going up on most Americans. The magic number was $450,000, in that taxes won’t go up on couples with less than $450,000 in adjusted gross income (AGI).
Alas, we should not be so quick with those sighs, though, since the magic number is actually $250,000.
Let me explain.view full article
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