The Business Monthly: Five Steps to Prepare for Tax Uncertainty

In this article, Christopher Parr provides five steps to prepare for major or potential income and investment tax changes for the 2013 tax year.  He first explains the several earned income-related changes and the investment income-related changes that require monitoring and planning as the status becomes clearer.  Earned income-related changes include employee social security, Medicare payroll and self-employment tax.  An investment income-related change is the favorable Bush-era tax rates on investment dividends expire and reset.   In the attached chart, find A Recap of Key Tax Law Provisions and Rate Changes provided by Parr Financial Solutions.

Feel free to contact us if you have any questions or comments.

Christopher Parr CFP® is founder of Columbia-based Parr Financial Solutions Inc., a fee-only wealth management firm.