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Topic - Barbara Weltman
A new top tax rate, higher Medicare taxes and the phaseout of deductions and exemptions could mean higher tax bills for wealthier Americans this year. Legally wed same-sex couples, meanwhile, may find the true meaning of the marriage penalty.
Higher-income Americans and some legally married same-sex couples are likely to feel the biggest hits from tax law changes when they file their federal returns in the next few months. Taxpayers also will have a harder time taking medical deductions.
"Starting with 2013 returns, if you're eligible for the deduction, you can take a standard deduction of $5 per square foot, up to 300 square feet," she said.
"They have no idea of the benefits they are getting through the tax code," she said.